On June 28, 2018, the Securities and Exchange Commission approved the adoption of amendments to expand the number of companies that meet the definition of “smaller reporting company” and require the use of Inline XBRL in certain filings. The new “smaller reporting company” definition expands the number of companies that qualify for certain scaled disclosures in their SEC filings – those with a public float of less than $250 million or annual revenues of less than $100 million and either no public float or a public float that is less than $700 million.  The Inline XBRL amendments will require the use of Inline XBRL for operating company financial statement information and fund risk/return summaries included in prospectuses.  Inline XBRL requirements will go into effect in phases starting in 2019.  Read our client alert.

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