The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06} Continue reading "FASB to Host Webinar: 2022 GAAP and SEC..." »

On March 3rd, the SEC announced that it is requesting feedback on interactive data collection. Issuers filing registration statements under the Securities Act of 1933 and reports under the Securities Exchange Act of 1934 are required to submit specified financial information to the SEC and post it on their corporate websites in an interactive data format using XBRL. The interactive data requirement is designed to simplify investors’ ability to evaluate financial information and to help issuers automate regulatory filings and business information processing. The SEC is seeking feedback on the burden of these requirements, as well as the quality of the interactive data itself. Continue reading "SEC Extends Interactive Data Rule, Seeks Comment" »

XBRL US’ Data Quality Committee (DQC) will host a virtual Q&A-style discussion with the SEC on Filing Fee Disclosures and Payment Methods Modernization, the final rule which comprises new requirements that will impact many reporting entities and SEC submissions. Speakers from the SEC’s Office of Financial Management and its Division of Corporate Finance will cover topics related to disclosure, technical and general issues pertaining to the rule. The webinar will take place on Tuesday, March 22, from 3:00 p.m. to 4:00 p.m. ET and will be moderated by Scott Theis, chairman of the XBRL US Domain Steering Committee and Novaworks’ President. {expires: 2022-03-23} Continue reading "XBRL US to Host Webinar with SEC to Discuss..." »

The SEC’s Division of Economic and Risk Analysis (DERA) has observed that some filers are not appropriately tagging disclosures about their finance lease liability, undiscounted future lease payments, and the excess amount of the undiscounted future lease payments over the finance lease liability (for example, imputed interest). DERA is providing guidance to filers to address some of this mistakes. Continue reading "SEC Provides Guidance Regarding Proper Tagging..." »

XBRL US’ Data Quality Committee (DQC) will host a virtual meeting for industry leaders to further engage in discussions and plans to establish rules and guidance for public corporations complying with the SEC’s XBRL requirements. The webinar will take place on Wednesday, March 23, 2022, from 9:00 a.m. to 12:00 p.m. EST. {expires: 2022-03-24} Continue reading "XBRL US to Hold Virtual Data Quality Committee..." »

In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates. Continue reading "FASB Publishes Proposed Revisions to Future..." »

XBRL US has announced that it will host a webinar to discuss the demand for corporate Environmental Social Governance (ESG) data and what investors expect from public companies reporting about their environmental impact. The SEC is taking action on how companies report information about ESG and climate change, and this webinar will take place ahead of an expected rule proposal on these matters. The one-hour event will take place on Wednesday, January 19, 2022, and will begin at 3:00 p.m. EST. {expires: 2022-01-20} Continue reading "XBRL US to Hold Webinar: Supporting ESG Data..." »

XBRL US’ Data Quality Committee (DQC) will host a virtual meeting for industry leaders to further engage in discussions and plans to establish rules and guidance for public corporations complying with the SEC’s XBRL requirements. The one-hour webinar will take place on Wednesday, January 19, 2022 and will begin at 12:00 p.m. EST. {expires: 2022-01-20} Continue reading "XBRL US to Hold Data Quality Committee Web..." »

On December 20th, the SEC updated the EDGAR system to Release 21.4. The system now supports the 2021Q4 versions of the taxonomies listed below. With this release, the Closed-End Fund (CEF) taxonomy will be accepted in EDGAR for the first time, and the Document and Entity Information (DEI) taxonomy has been updated to include elements for tagging auditor information. For more information, refer to the final 2021Q4 taxonomies’ Release Notes. Continue reading "SEC Releases 2021Q4 XBRL Taxonomies Update" »

On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels. Continue reading "FASB Proposes Updates for Future Taxonomy..." »

XBRL US has announced that it will host a webinar on Thursday, December 2, at 1:00 p.m. ET to discuss the 17th Ruleset published by the Data Quality Committee (DQC) on November 15th. The rule set includes three new rules for US GAAP filers, two new rules for IFRS filers, and three rules for both US GAAP and IFRS filers. {expires: 2021-12-03} Continue reading "XBRL US to Host Webinar: DQC 17th Ruleset..." »

On November 15th, the XBRL US Center for Data Quality (DQC) announced the opening of the 17th public exposure period for review and comment on eight new automated checks, including modifications to rules for filers using the US GAAP or IFRS taxonomies. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. {expires: 2022-01-01} Continue reading "XBRL US DQC Releases Ruleset 17" »

On November 1st, the Financial Accounting Standards Board (FASB) issued proposed improvements to references for the 2022 US GAAP Financial Reporting Taxonomy (GRT) and proposed improvements for the Accounting Standards Update (ASU) on Interim Financial Disclosure Requirements. These changes are intended to improve the usability of the taxonomy and enhance financial statement disclosures. Continue reading "FASB Seeks Comment on Proposed Improvements for..." »

XBRL US has announced that it will hold a free webinar discussing the advantages of structured data in financial reporting. The webinar is geared toward investors, analysts, regulators, industry professionals, and interested parties. The online seminar will be held on Wednesday, November 10th from 12:30 p.m. to 5:00 p.m. ET and will feature real-world case studies about how corporate financial planners and SEC managers are better able to identify trends in financial reporting. {expires: 2021-11-11} Continue reading "XBRL US to Present Webinar on the Benefits of..." »

On November 4th, the SEC announced that it is proposing rule and form amendments to update filing requirements that would affect issuers, registered investment advisors, institutional investment managers, and others that file or submit reports to the SEC on EDGAR. These changes are intended to increase efficiency, transparency, and operational resiliency of the filing process by updating the way data is submitted to the SEC and disclosed. Continue reading "SEC Announces Proposed Amendments to Electronic..." »