On February 15th, the Financial Accounting Standards Board (FASB) published a proposed GAAP Taxonomy Reference Style Guide and updated the GAAP Frequently Asked Questions (FAQ) section to include new guidance on tagging. Continue reading "FASB Proposes GAAP Taxonomy Reference Style..." »

XBRL US will be hosting a webinar to help corporate issuers who are faced with many choices working with the XBRL US GAAP Taxonomy when submitting financials to the SEC. The one-hour webinar will take place on Tuesday, February 7, 2023, and will begin at 3:00 p.m. ET. The event is free and open to the public, but registration is required. {expires: 2023-02-08} Continue reading "XBRL US to Discuss Solutions to Common Issues..." »

On December 19, 2022, the draft 2023 Executive Compensation Disclosure (ECD) taxonomy was updated to include the elements for tagging disclosures related to the SEC’s adopted amendments. Under these rules, registrants are required to tag certain disclosures in Inline eXtensible Business Reporting Language (iXBRL). Continue reading "SEC Publishes Draft 2023 Executive Compensation..." »

On December 19, the SEC announced that it adopted amendments that require registrants to disclose information concerning: 1) insider trading policies and procedures of issuers; 2) adoption and termination (including modification) of plans that are intended to meet the rule’s conditions for establishing an affirmative defense, 3) certain similar trading arrangements by directors and officers, and 4) director and executive equity compensation awards made close in time to the issuer’s disclosure of material nonpublic information. For further information, see the Insider Trading Arrangements and Related Disclosures final rule on the SEC’s website. Note that, per the SEC’s adopted amendments, registrants now must tag certain disclosures in Inline eXtensible Business Reporting Language (iXBRL). Continue reading "SEC Issues Draft 2023 Executive Compensation..." »

On December 8th, the SEC’s Division of Economic and Risk Analysis announced that it has concluded an assessment of how filers are tagging line items on the income statement over multiple periods. The staff noted that a number of filers are using different elements when tagging the same reported line item on the income statement over multiple periods, though each of those tags are included in the taxonomy versions used in the filings. The staff’s findings also determined that some filers were using one element in a form, for example, Form 10-Q, while using another element for the same reported line item in a different form, such as Form 10-K. Continue reading "SEC Offers Guidance on Tagging Income..." »

On November 30th, the Financial Accounting Standards Board (FASB) released for comment the proposed GAAP taxonomy improvements for the proposed Accounting Standards Update (ASU), which is aimed at improving accounting guidance for lease arrangements between entities under common control. Continue reading "FASB Staff Releases Proposed GAAP Taxonomy..." »

The XBRL US Data Quality Committee (DQC) has announced that it published its 20th Rule Set, which is comprised of five proposed rules for corporate issuers and two proposed rules specific to business development companies (BDCs). DQC rules are freely accessible by US GAAP and IFRS issuers so they may better validate their filings and recognize potential errors. Referring to the DQC rules helps issuers prepare financial statements that are consistent and submitted to the SEC in high quality, Inline XBRL format. Continue reading "XBRL US Announces Webinar: DQC Rules for BDCs..." »

On November 15th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that uses a questions and answers format to clarify and expound on certain GASB pronouncements. Continue reading "GASB Proposes Guidance to Help Stakeholders..." »

On November 15th, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide. The Guide is premised on the proposed 2023 GAAP Financial Reporting Taxonomy, which is currently awaiting SEC acceptance and subject to change until the finalized version is published. The newly proposed Guide, Financial Services—Investment Companies (Including SEC S-X Schedules for Business Development Companies), is comprised of examples intended to help users of the taxonomy understand how the reporting framework for investment companies is structured within the taxonomy. Continue reading "FASB Issues Proposed Investment Companies..." »

On September 6th, the Financial Accounting Standards Board (FASB) staff issued the Proposed 2023 DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Individuals and organizations may review and comment on the modifications made to the proposed DQCRT until October 6, 2022. Continue reading "FASB Releases Proposed 2023 DQCRT for Review..." »

On August 15th, the SEC updated the EDGAR system to Release 22.2.2 which will now support the 2022Q3 supplemental US GAAP Financial Reporting Taxonomy and 2022Q3 supplemental SEC Reporting Taxonomy (SRT). The 2022Q3 supplements to the US GAAP Financial Reporting Taxonomy and SRT are comparable to supplements that the Financial Accounting Standards Board published on its website on August 2, 2022. Continue reading "SEC Announces XBRL Taxonomy Update" »

The Financial Accounting Standards Board (FASB) has released the Proposed 2022 Q3 Supplemental GAAP Taxonomy for public review and comment. The publication introduces enhancements to the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, collectively known as the GAAP Taxonomy. Continue reading "FASB Announces Release of Proposed 2022 Q3..." »

On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On May 24th, the SEC announced that the EDGAR system will be upgraded to Release 22.2 on June 21, 2022. 2020 versions of certain taxonomies will be removed, but all 2021 and 2022 versions of taxonomies will be available for use. The SEC reminds filers that they must use the same version year for all of the taxonomies in an EDGAR submission. Filers may not combine taxonomy versions from different years. Continue reading "SEC Announces Removal of 2020 Taxonomies" »