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..." »

The SEC will be closed Monday, September 7th in observance of Labor Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of September 7 will be due the following business day.
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On August 28, FERC extended deadlines for some forms through and including September 30th for entities and investment professionals affected by Hurricane Laura in the Gulf Coast region of the United States. In recognition of these emergency conditions, and following sections 385.101(e) and 385.2008 of FERC’s Rules of Practice and Procedure, 18 C.F.R. §§ 385.101(e) and 385.2008 (2019), FERC has determined that there is good cause to grant this extension of time.
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On August 26th, the SEC announced that it has adopted amendments to update the description of business (Item 101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that registrants are required to make in accordance with Regulation S-K. The amendments modernize these items to reflect the many changes in US capital markets and the domestic and global economy in recent decades. Before the adoption of these new rule amendments, there had not been significant revisions to these disclosure requirements in over 30 years. Continue reading "SEC Modernizes Disclosures of Business, Legal..." »

On August 26th, the SEC adopted amendments to the “accredited investor” definition. This definition is one of the primary criteria for determining which entities and investing professionals are eligible to participate in private capital markets. Traditionally, individual investors who do not meet specific income or net worth qualifications have been denied the chance to invest in complex and vast private markets, regardless of their financial sophistication. The amendments update and improve the definition to recognize more effectively institutional and individual investors that have the knowledge and expertise to participate in those markets.
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