Monday, November 20. 2023
New Release (5.20c) for the GoFiler Family of Products
Version 5.20c of all applications in the GoFiler Suite has been released. This release contains support for the new Filing Fee Disclosure (FFD) and Fund (FND) Taxonomies, as well as autotagging for the FFD filing fee calculation table. In addition, this version features improvements to XDX, XBRL, and EDGAR validation.
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Wednesday, November 15. 2023
FASB Issues Improvements for 2024 US GAAP Reference Project
On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staffs ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASBs Accounting Standards Codification.
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SEC Releases Findings from Evaluation of Filers’ Use of Labels for the Same Reported Item on the Income Statement over Multiple Periods
On November 3rd, the SEC’s Division of Economic and Risk Analysis (DERA) concluded its assessment of how filers label the elements used in tagging reported items on the income statement over multiple periods. Staff noted that some filers use various labels for the same element used to tag the same reported item on the income statement from one period to the next. This even occurred when the description of the reported item did not change. More specifically, filers used one label in a certain form (such as Form 10-Q) while using a different label for the same element in a different form (such as Form 10-K). For instance, the element “Revenue from Contract with Customer, Excluding Assessed Tax” should not use the label “Operating revenue” on Form 10-Q while using the label “Total operating revenue” on Form 10-K.
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Friday, November 03. 2023
SEC Approves Rules to Reform Registration and Regulation of Security-Based Swap Execution Facilities
On November 2nd, the SEC adopted Regulation SE under the Securities Exchange Act of 1934, which establishes the process for an entity to register with the SEC as a security-based swap (SBS) execution facility (collectively, SBSEF) and introduces a new form required for registration. The adopted regime is one of a number of major reforms required under Title VII of the Dodd-Frank Act, which is the legislation that improved transparency and oversight of the over-the-counter derivatives market by requiring the SEC to employ a regulatory framework for SBSs that requires the registration and regulation of SBSEFs.
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Wednesday, October 25. 2023
FERC Proposes Revisions to the Filing Process and Data Collection for the Electric Quarterly Report
On October 19th, the FERC proposed a number of updates to the existing Electric Quarterly Report (EQR) filing requirements, including both the method of collection and the data being collected. The FERC also is proposing to adopt a new EQR system based on eXtensible Business Reporting Language-Comma-Separated Values (XBRL-CSV) standard.
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Monday, October 23. 2023
New Release (5.20b) for the GoFiler Family of Products
Version 5.20b of all applications in the GoFiler Suite has been released. This release contains support for the new EDGAR Next Beta system. Features to use the EDGAR Next Beta system are early in development with additional tools to handle delegation and user management forthcoming. This version of the software allows users to set up filing credentials and begin to use the EDGAR Next Beta. This release also contains support for the GRIP/ACFR taxonomy for use with the state of Michigan.
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SEC Announces Rule Proposal to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
On October 18th, the SEC announced that it is proposing new Rule 6b-1 under the Securities Exchange Act of 1934 that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal (agency-related) orders in certain stocks.
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Friday, October 20. 2023
SEC Approves Rule to Enhance Disclosures in the Securities Lending Market
On October 13th, the SEC announced that it voted to adopt Rule 10c-1a under the Securities Exchange Act of 1934 to increase transparency requirements and improve the efficacy of the securities lending market. The rule requires certain persons to report information about securities loans to a registered national securities association (RNSA). Currently, the Financial Industry Regulatory Authority (FINRA) is the only RNSA.
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Tuesday, October 17. 2023
SEC Issues Draft 2023 Fund (FND) Taxonomy
The SEC has adopted amendments to its Names Rule that addresses certain broad categories of investment company names that may mislead investors about an investment companys investments and risks. Accordingly, the SEC has released a draft of the new Fund (FND) XBRL taxonomy.
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Friday, October 13. 2023
SEC Approves Amendments to Rules Governing Beneficial Ownership Reporting
The SEC announced on October 10th that it has voted to approve final rules intended to enhance disclosure requirements and provide more timely information for shareholders and the market concerning beneficial ownership. The SEC also provided guidance related to the existing legal standard regulating when two or more individuals may be considered a group and when an investor’s use of certain cash-settled derivative securities may result in the individual being treated as a beneficial owner of the class of the reference equity securities.
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Tuesday, October 10. 2023
FASB Publishes Technical and Other Improvements for 2024 US GAAP Taxonomy
On October 6th, the Financial Accounting Standards Board (FASB) staff released proposed technical and other conforming improvements for the 2024 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment.
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Tuesday, September 19. 2023
EDGAR Upgraded to Support 2023 Share Repurchase (SHR) Taxonomy
On September 18, 2023, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was updated to Release 23.3. EDGAR now supports the Share Repurchase (SHR) taxonomy which provides the elements for tagging disclosures associated with the SECs final rule on Share Repurchase Disclosure Modernization.
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Thursday, September 14. 2023
SEC Publishes Sample Letter to Companies Regarding XBRL Disclosures
On September 7th, the SEC’s Division of Corporation Finance indicated it may begin issuing comment letters to issuers concerning their XBRL disclosure documents. The Division has released a sample letter that a company may receive from the SEC once a company’s submitted filing is reviewed. The letter directs the issuer to revise or update their disclosure and respond to the SEC’s comments.
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Monday, September 11. 2023
FASB Publishes Technical and Other Improvements for 2024 SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) staff has released proposed technical and other conforming enhancements for the 2024 SEC Reporting Taxonomy and the related release notes for public review and comment. The proposed taxonomy enhancements include new elements related to disclosures about share repurchase programs and insurance and modified references changes which comprise a range of topics as part of the FASB staff's ongoing efforts to maintain current references for all of the elements.
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Friday, September 08. 2023
SEC Publishes 2024 Draft Taxonomies
The SEC released drafts of the 2024 updates to its reporting taxonomies on September 7th, including updates within the annual review and update process for all SEC taxonomies accepted in the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The Draft 2024 Release Notes provide more information related to specific changes in the 2024 update.
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