The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:
A)PDF format
B)XBRL format
C)HTML format
D)Hardcopy

Question

Quizplus · Accepted Answer

The SEC requires companies to provide their financial statements in XBRL format, which stands for eXtensible Business Reporting Language. This format allows for the financial data to be easily analyzed and compared across different companies and industries. While companies may also provide their financial statements in PDF and HTML formats, XBRL is the required format for submission to the SEC. Hardcopy submissions are no longer accepted by the SEC.

The Securities Exchange Commission in the US Specified That All