On August 6th, the Financial Accounting Standards Board (FASB) issued its 2024 Investor Outreach Report, which is now available through the FASB’s Investor Web Portal. The report details the investor outreach program, the program’s activities during the last year, and ways the FASB intends to continue expanding on its goals to broaden investor outreach efforts. The viewpoints of investors enhance the FASB’s ability to develop effective standards, so the organization places special importance on pursuing a number of efforts to interact with stakeholders. Continue reading "FASB Publishes 2024 Investor Outreach Report" »

The Financial Accounting Standards Board (FASB) has re-exposed for public comment proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update is intended to enhance disclosures related to a public business entity’s expenses. The update is designed also to address the requests of investors for more comprehensive data about the types of expenses in commonly presented expense captions. Continue reading "FASB Re-Exposes Proposed GAAP Taxonomy..." »

XBRL US’ Data Quality Committee (DQC) will host an online meeting for industry leaders to discuss plans to implement rules and guidance for public companies complying with the SEC’s XBRL requirements. The two-hour webinar will take place on Wednesday, September 25, 2024, and will begin at 10:00 a.m. ET. {expires: 2024-09-26} Continue reading "XBRL US Staff to Host Data Quality Committee..." »

The XBRL US Center for Data Quality has opened the Version 25 public exposure period for review and comment, which concludes on September 9, 2024. This version includes automated checks and rule updates for filers using the US GAAP and IFRS taxonomies from July 23, 2024, through September 9, 2024. Continue reading "XBRL US Launches Public Review for Version 25..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Employee Benefit Plans (Including Defined Contribution Plans Filing SEC Form 11-K), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed Guide is designed to provide the framework for the reporting by employee benefit plans through illustrations and examples. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed guide is designed to illustrate how income taxes are reported under FASB Accounting Standards Codification Topic 740. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Publishes Proposed Taxonomy Implementation..." »

On August 2nd, the SEC proposed joint data standards under the Financial Data Transparency Act of 2022 (FDTA) that would establish technical standards for data submitted to certain financial regulatory agencies, making financial data more accessible, uniform, and useful to the public. The joint data standards would make it easier for financial institutions to file reports across multiple agencies and help regulators carry out the SEC’s oversight functions with greater efficacy. Continue reading "Fact Sheet Available for Proposed Joint Data..." »

The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. Continue reading "FASB Publishes Proposed GAAP Taxonomy..." »

On July 26th, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) convened the final quarterly meeting of fiscal year 2024 on July 24-25, 2024. At this meeting, the Board approved the fiscal year 2025 budget, held fiscal year 2025 officer elections, and discussed priorities to advance its 2022-2025 Strategic Plan. Continue reading "MSRB Adopts FY 2025 Budget, Elects Board..." »

The SEC’s Division of Economic and Risk Analysis (DERA) recently analyzed the way filers use custom tags in IFRS XBRL submissions from 2021 to 2023. Continue reading "SEC Publishes Trend Analysis of Custom Tag..." »

On July 29th, the SEC announced that Form N-PORT Data Sets are now available for download. Form N-PORT is used by registered investment companies (apart from money market funds and exchange-traded funds organized as unit investment trusts) to report monthly portfolio holdings. The Form N-PORT Data Sets are extracted from the eXtensible Markup Language (XML) Form N-PORT-P submissions. The data is displayed unchanged from the “as-filed” submissions and in a flattened format to provide the public with easily accessible data from registrants. The data sets include only publicly available information from filings that have been disseminated by the SEC. Continue reading "SEC Releases Form N-PORT Data Sets for Download" »

On July 19th, the SEC’s Division of Enforcement announced that it has launched the Interagency Securities Council (ISC). The ISC is a governing body that invites federal, state, and local regulatory and law enforcement professionals to convene quarterly to review and discuss current scams, trends, frauds, and mitigation strategies. The ISC launched with representatives from more than 100 departments and agencies. Continue reading "SEC Establishes Interagency Securities Council..." »

The SEC’s Small Business Capital Formation Advisory Committee will hold an open meeting via webcast on sec.gov to discuss matters concerning rules and regulations affecting small and emerging businesses and their investors under the federal securities laws. The meeting will take place on Tuesday, July 30, 2024, at 10:00 a.m. EDT. This meeting is free and open for the public to attend. {expires: 2024-07-31} Continue reading "SEC’s Small Business Capital Formation Advisory..." »

On July 11th, XBRL US hosted a webinar reminding reporting entities of impending compliance dates for new SEC requirements related to the Filing Fee Disclosures and Payments Method Modernization rule. A recording of this webinar is now available for interested parties to view. Continue reading "XBRL US Webinar on Preparing for Fee-Based..." »