Tuesday, March 12. 2024
SEC Staff Reviews Cash Flow Statement Data Element Presentation
The SEC announced that its Division of Economic and Risk Analysis (DERA) reviewed certain Forms 10-Q and Forms 10-K filed in 2023 to determine whether filers’ cash flow statement data element presentation structure (such as parent and descendant relationship) is organized correctly. Cash flow statement presentation structure includes three parents: Net Cash Provided by or Used in the Operating Activities Abstract, Financing Activities Abstract, and Investing Activities Abstract.
Continue reading "SEC Staff Reviews Cash Flow Statement Data..." »
Wednesday, January 31. 2024
FASB Releases Proposed Taxonomy Implementation Guides for 2024 US GAAP Financial Reporting Taxonomy
On January 26th, the Financial Accounting Standards Board (FASB) released two proposed Taxonomy Implementation Guides based on the 2024 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. These guides focus on the XBRL modeling for the reporting of leases and reporting by investment companies.
Continue reading "FASB Releases Proposed Taxonomy Implementation..." »
Wednesday, January 03. 2024
FASB Publishes Proposed Updates for US GAAP Financial Reporting Taxonomy Related to Debt with Conversion and Other Options
Last month the FASB released proposed updates to the US GAAP Financial Reporting Taxonomy (GRT) related to a proposed Accounting Standards Update (ASU) on Debt with Conversion and Other Options. Updates to the proposed taxonomy will include new elements and reference modifications. The proposed updates to the GRT are just some of several updates released throughout the year as proposed ASUs are issued. The GRT, which includes all of these taxonomy updates, is published in the last quarter of each calendar year.
Continue reading "FASB Publishes Proposed Updates for US GAAP..." »
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.
Continue reading "FASB Issues Improvements for 2024 US GAAP..." »
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.
Continue reading "SEC Releases Findings from Evaluation of..." »
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.
Continue reading "FASB Publishes Technical and Other Improvements..." »
Monday, August 21. 2023
SEC Issues Findings on Tagging Allowance for Credit Loss Write-Offs and Credit Quality Indicator in Notes to the Financial Statements
The SECs Division of Economic and Risk Analysis (DERA) has announced that it has concluded its assessment of the way filers are tagging write-offs for their credit quality indicator disclosures in their Form 10-K and their allowance for credit loss. The assessment was conducted only on those filers that have financing receivables and follow Accounting Standards Codification (ASC), Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, a set of accounting standards that modernized the way entities measure credit losses on financial instruments published by the Financial Accounting Standards Board (FASB) in March 2022.
Continue reading "SEC Issues Findings on Tagging Allowance for..." »
Monday, July 03. 2023
SEC Offers Guidance Regarding Correct Usage of Operating Activities Presentation Child Elements Tags for Investing Activities and Financing Activities as Presentation Parent Elements
The SEC's Division of Economic and Risk Analysis (DERA) has observed that filers are using tags associated with accrual items related to operating activities as presentation child elements on certain Forms 10-K and 10-Q and has offered guidance to more correctly tag these items.
Continue reading "SEC Offers Guidance Regarding Correct Usage of..." »
FASB Staff Issues Proposed GAAP Taxonomy Improvements for a Proposed ASU to Enhance the Accounting for Purchased Financial Assets
The Financial Accounting Standards Board (FASB) staff has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU), which addresses stakeholder concerns regarding comparability and complexity related to purchased financial assets.
Continue reading "FASB Staff Issues Proposed GAAP Taxonomy..." »
Monday, June 26. 2023
SEC Issues June 2023 XBRL Taxonomies Update
On June 20th, the SEC updated the EDGAR system to Release 23.2, and the system now supports multiple new XBRL taxonomies, including the 2023 version of the International Financial Reporting Standards (IFRS) taxonomy, the Resource Extraction Payments (RXP) taxonomy, and the Open-End Fund (OEF) taxonomy. These taxonomies are now also supported in the GoFiler Suite.
Continue reading "SEC Issues June 2023 XBRL Taxonomies Update" »
Posted by LeAnn Dey
in EDGAR News, GoFiler Updates, IASB News, IFRS Taxonomy, SEC, US GAAP Taxonomy
at
17:10
Tuesday, May 23. 2023
SEC Releases New Draft EDGAR Filer Manual for EDGAR 23.2
The SEC has released its draft of the EDGAR® Filer Manual, Volume II: “EDGAR Filing” (Version 66). This draft Volume II of the EDGAR Filer Manual is accessible to filers in anticipation of feedback and to help issuers prepare for potential updates to the EDGAR system detailed in the draft and scheduled to be introduced in EDGAR Release 23.2 on June 20, 2023.
Continue reading "SEC Releases New Draft EDGAR Filer Manual for..." »
Posted by LeAnn Dey
in EDGAR News, IFRS Taxonomy, Novaworks News, SEC, US GAAP Taxonomy, XBRL
at
16:20
Wednesday, May 17. 2023
FASB Releases Proposal to Clarify Accounting Guidance Regarding Profits Interest Awards
On May 11th, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) designed to enhance generally accepted accounting principles (GAAP) by including illustrative guidance to help entities determine whether profits interest and similar awards should be considered a share-based payment arrangement within the scope of Topic 718, Compensation—Stock Compensation. The FASB is inviting interested parties to submit feedback on the proposed update.
Continue reading "FASB Releases Proposal to Clarify Accounting..." »
Thursday, March 30. 2023
FASB Proposes GAAP Taxonomy Improvements for Proposed ASU for Income Tax Disclosures
The Financial Accounting Standards Board (FASB) has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU) concerning income tax disclosures.
Continue reading "FASB Proposes GAAP Taxonomy Improvements for..." »
FASB Releases ASU for Investments in Tax Credit Structures
On March 29th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) titled “Topic 323, Investments—Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”. The ASU is a consensus of the FASB’s Emerging Issues Task Force (EITF).
Continue reading "FASB Releases ASU for Investments in Tax Credit..." »
XBRL US Offers Free Online Learning Modules
XBRL US is offering free online learning modules for those interested in brief introductions to the fundamentals of the open data exchange standard for business reporting and XULE, an open-source syntax created to help developers benefit from XBRL without restructuring the foundation of their technology infrastructure.
Continue reading "XBRL US Offers Free Online Learning Modules" »
(Page 1 of 7, totaling 93 entries)
next page »