The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On April 20th, the XBRL US Center for Data Quality (DQC) announced the opening of the 18th public exposure period for review and comment on five new automated checks, including modifications to rules for filers using the US GAAP taxonomy. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. Continue reading "XBRL US DQC Releases Ruleset 18" »

The SEC has announced that its Small Business Capital Formation Advisory Committee will hold a remote meeting to discuss matters related to the rules and regulations affecting small and emerging companies and their investors under the federal securities laws. The free webcast will take place on Friday, May 6, 2022, from 10:00 a.m. to 2:30 p.m. ET. The event is open to the public and will be presented live on sec.gov. {expires: 2022-05-07} Continue reading "SEC to Hold Small Business Capital Formation..." »

The staff at the FERC will host a virtual technical conference to discuss whether the agency should require additional financial assurance mechanisms in the licenses and other authorizations it issues for hydroelectric projects. The objective is to ensure that licensees are able to implement license requirements and maintain their projects in safe condition. {expires: 2022-04-27} Continue reading "FERC Staff to Hold Conference on Financial..." »

On April 11th, XBRL US announced the publication of corporate sustainability data in machine-readable XBRL format for Moody’s Corporation and Etsy, Inc. Digitized reports were created using the Sustainability Accounting Standards Board (SASB) XBRL Taxonomy, the publication developed by the Value Reporting Foundation (VRF) to explain how machine-readable environmental, social, and governance (ESG) disclosures are prepared. Continue reading "XBRL US Shares Digitized ESG Reports to..." »

On April 8th, the FERC announced that it is requesting public feedback on the currently approved information collections, FERC Form Nos. 6 and 6T (Annual Report of Oil Pipeline Companies) and 6–Q and 6–QT (Quarterly Report of Oil Pipeline Companies). Continue reading "FERC Releases Notice of Information..." »

On March 31st, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) in which a new standard addresses troubled debt restructuring (TDR) and vintage disclosures. The update is designed to provide investors with sufficiently detailed disclosures so they may gather useful information about certain loan refinancings, restructurings, and write-offs. The new ASU undertakes remarks submitted by investors and other stakeholders during the post-implementation review of the credit losses standard. The revisions both create a single model for loan modification accounting by creditors and provide enhanced write-off disclosures and loan modification. Continue reading "FASB Broadens Disclosure Requirements and..." »

On April 8, 2022, the SEC released the required notice regarding new fee rates in compliance with Section 31 of the Securities Exchange Act of 1934. Starting on May 14, 2022, the fee rates applicable to most securities transactions will be set at $22.90 per $1 million. These adjustments do not directly affect the amount of funding available to the SEC. Self-regulatory organizations will continue to pay the SEC a rate of $5.10 per million for covered sales occurring on charge dates until May 13, 2022 and then a rate of $22.90 per million for covered sales occurring on charge dates on or after May 14, 2022. For more information on the term “charge date”, refer to Rule 31(a)(3) and Exchange Act Release No. 49928 on the SEC’s website. Continue reading "SEC Issues Fee Rate Advisory #1 for Fiscal Year..." »

On April 6th, the SEC proposed new Regulation SE under the Securities Exchange Act of 1934. The rules would establish the process for an entity to register with the SEC as a security-based swap execution facility (SBSEF) and introduce a new form required for registration. Continue reading "SEC Proposes Rules to Reform Registration and..." »

The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to promote synergy between hedge accounting and an organization’s risk management procedures. The latest ASU builds on the FASB’s 2017 issuance of a hedging standard which improved alignment between the two entities. The earlier standard also increased transparency concerning how results of hedging activities are presented – on the face of the financial statements and in the footnotes – for investors and analysts when hedge accounting is applied. Continue reading "FASB Enhances and Broadens Hedge Accounting" »

XBRL US will host a webinar entitled “Understanding the New FERC Taxonomy - Time to Focus!”, at which the recently completed Taxonomy from the Federal Energy Regulatory Commission (FERC) will be discussed. The FERC Taxonomy has been modified in answer to comments submitted by FERC filers and software providers. The 60-minute webinar will take place on Wednesday, April 13, 2022, at 2:00 p.m. ET {expires: 2022-04-14} Continue reading "XBRL US to Hold Virtual Seminar Focused on the..." »

On March 30, the SEC’s Division of Examinations issued its annual examination priorities, the publication that provides an overview of the Division’s risk-based approach, including the areas it believes present potential risks to investors and the integrity of the US capital markets. When compiling the examination priorities, the Division leans heavily on its four pillars: promoting and improving compliance, preventing fraud, monitoring risks, and informing policy. Continue reading "SEC Staff Announces 2022 Examination Priorities" »

On March 30, the SEC announced that it is proposing rules to improve disclosure and investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies and private operating companies. The SEC also is proposing rules that would address matters concerning projections made by SPACs and their target companies. Finally, the SEC is proposing to require SPACs to tag all information disclosed under Subpart 1600 of Regulation S-K in a structured, machine-readable data language, in particular, Inline XBRL. Continue reading "SEC Announces Rule Proposals to Improve..." »