In 2019, the Federal Energy Regulatory Commission (FERC) revised its electronic filing format to incorporate structured data in the eXtensible Business Reporting Language (XBRL) format. As has been the case with other federal regulators, the move to adopt XBRL is being undertaken to modernize the reporting environment and increase efficiency in submitting and consuming data. Broad support across the industry also helped drive the action.
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On September 23rd, the SEC’s staff of the Division of Economic and Risk Analysis (DERA) issued some information concerning Form 8-K and the Document Period End Date. DERA observed that some filers have designated the filing date of Form 8-K in XBRL and Inline XBRL submissions as the Document Period End Date. Other filers, however, have used the filing date from a previously submitted Form 8-K or a date that is unrelated to the reported event. Continue reading "SEC Releases Observations on Form 8-K Document..." »

On September 11th, 2020, the SEC announced that it has adopted the final rule for its update of statistical disclosures for bank and savings and loan registrants. The rule modifies required disclosures and classifies certain disclosures in a new Subpart 1400 of Regulation S-K. It reduces duplicative or overly similar disclosure items in other SEC rules and requirements in US GAAP and IFRS. It also replaces Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes are intended to help investors have access to more meaningful, relevant information about these registrants, which will facilitate their investment and voting decisions. Continue reading "SEC Announces Final Rule for Update of..." »

The Financial Accounting Standards Board (FASB) staff has issued guidance on how to implement Extensible Enumerations (EE) 2.0 in XBRL-formatted reporting. The implementation of EE 2.0 will begin with the 2021 US GAAP Financial Reporting and SEC Reporting (SRT) taxonomies. Continue reading "FASB Issues Guidance on Implementation of..." »

With the release of EDGAR 20.3, changes will be made to the way in which filers can redline revisions in their submissions to the EDGAR system. These changes allow for revisions within Inline XBRL. Existing revision tags have historically been placed loosely around text that has been altered to indicate the revision. In addition, broken character entities, &ltR&gt and &lt/R&gt, could be used in place of tags. Neither of these methods are acceptable for Inline XBRL filings since they both violate that format’s rigid XHTML requirements.

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On September 1, 2020, the Financial Accounting Standards Board (FASB), the organization responsible for the ongoing development and maintenance of the SEC Reporting Taxonomy (SRT), announced proposed technical enhancements for the 2021 SEC Reporting Taxonomy. The planned improvements were published in a set of release notes that describe the proposed upgrades, which were designed to improve the overall functionality of the SRT. Continue reading "FASB Holds Public Review for Tech Enhancements..." »

On August 12, 2020, XBRL US posted a webinar entitled “Roadmap to Building Successful Financial Data Standards”. The webinar was presented by Scott Theis, Chair of the XBRL US Domain Steering Committee, and Campbell Pryde, President and CEO of XBRL US. Continue reading "XBRL US Webinar Introduces Published First..." »