The Interactive Data collection of information requires issuers filing registration statements under the Securities Act of 1933 and reports under the Securities Exchange Act of 1934 to submit specified financial information to the Commission using eXtensible Business Reporting Language("XBRL"). The purpose of the interactive data requirement is to make financial information easier for investors to analyze and assist issuers in automating regulatory filings and business information processing.
The amendments adopted in Release No. 33-10514 will require the use of the Inline XBRL format for the currently required exhibit-only submission of operating company financial statement information using the machine-readable (i.e., interactive) eXtensible Business Reporting Language (XBRL) format in Interactive Data Files. These amendments will require operating companies, on a phased in basis, to embed part of the Interactive Data File within an HTML document using Inline XBRL and include the rest in an exhibit to that document. The primary purpose of these amendments is to improve the usefulness and quality of financial statement disclosure, and, over time, to decrease the cost of preparing this information for submission to the Commission. In addition, the amendments eliminated the requirement for operating companies to post Interactive Data Files on their websites. Also, the amendments will make and have made certain other changes not affecting operating companies. For purposes of the PRAâs aggregate average yearly burden, we estimate that the amendments affecting the Interactive Data collection of information will result in a decrease of 53,715 burden hours and an increase of $106,640 in the cost of the services of outside professionals. The lower hourly burden is due to less time being needed to prepare an Interactive Data File in Inline XBRL format than in exhibit-only format and the elimination of the website posting requirement. The higher professional cost burden is due to additional assistance or software needed to prepare an Interactive Data File in Inline XBRL format as compared to exhibit-only format.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.