The XBRL US Center for Data Quality has published the seventh set of rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The seventh release of rules includes guidance for issuers using the US-GAAP taxonomies.Continue reading "XBRL US Data Quality Committee Approves Seventh..." »
Wednesday, January 09. 2019
Monday, January 07. 2019
Version 4.25b of all applications in the GoFiler Suite has been released. This release brings Form ATS-N out of beta with all functionality completed. It also contains the new XBRL validation required by the EDGAR Filer Manual as well as a number of corrections and improvements to Page View and Form N-CEN View.
Continue reading "New Release (4.25b) for the GoFiler Family of..." »
Friday, January 04. 2019
If you are not familiar with the term Section 16, Section 16 is a section of the Securities Exchange Act of 1934. In fact, it is section 16 of the act. Section 16 is a way to attempt to mitigate insider trading at companies. It states that any person who is a director of the company, an officer of the company, or a 10% or more beneficial owner, directly or indirectly, they must file Forms 3, 4, and 5. These forms report the level of equity interests whenever a significant change occurs. The terms that you will see referenced here are reporting owner, who is the person of interest here, and issuer, who is the company that in which the reporting owner has equity.
Continue reading "LDC #117: Building a Section 16 Data Scraper,..." »
Monday, December 31. 2018
The SEC will be closed Tuesday, January 1 in observance of New Year’s Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of January 1 will be due the following business day.Continue reading "New Year's Hours" »
Thursday, December 27. 2018
When a program presents textual data to a user, it is usually (and hopefully) formatted for easy consumption. As the programmer, understanding how to format strings will make the process of making text presentable significantly faster and smoother. Legato offers an arsenal of tools to make formatting text simple and easy.Continue reading "LDC #116: Getting Text into Shape" »
Wednesday, December 26. 2018
In the event of a federal government shutdown, the SEC will proceed in accordance with its posted plan for operating during a shutdown. Should the shutdown continue beyond Wednesday, December 26, starting Thursday, December 27, the SEC will have a limited number of staff members available. The SEC will be able to respond to emergency situations involving market integrity and investor protection, including law enforcement. Certain SEC systems, including EDGAR, will be operating.Continue reading "SEC Operational Status During Government Shutdown" »
Friday, December 21. 2018
Last week, Dave went over how to build a basic UI for our Bulk Filing function. This week, we’re expanding that a little bit by adding a “clear all” function to drop all items from the list, a “LIVE” checkbox to mark our submission as a live filing, and a setting to store the previously chosen files to reload if we need to rebuild the filing.
Continue reading "LDC #115: Bulk Filings Part 2" »
Thursday, December 20. 2018
On December 18th, the SEC released a request for comments concerning the nature, content, and timing of earnings releases and quarterly reports made by reporting companies. The SEC is soliciting public input on how it can reduce burdens on reporting companies associated with quarterly reporting while maintaining or enhancing disclosure effectiveness and investor protections. The Commission is also investigating how the current periodic reporting system, earnings releases, and earnings guidance may create an overly short-term focus on the part of managers and other market participants. This evaluation of the existing system is driven by a need to foster more long-term investments.Continue reading "SEC Seeks Public Comment on Earnings Releases..." »
The Securities and Exchange Commission has adopted rules to allow reporting companies to use the Regulation A exemption from registration. Regulation A provides an exemption from registration under the Securities Act of 1933 for offerings of securities up to $50 million in a 12-month period and was previously not available to companies that are Exchange Act reporting companies. The Economic Growth, Regulatory Relief, and Consumer Protection Act that was enacted earlier this year requires the SEC to adopt this change and allow reporting companies to use Regulation A.Continue reading "SEC Adopts Final Rules to Allow Exchange Act..." »
Wednesday, December 19. 2018
On December 18th, the SEC adopted final rules to require companies to disclose hedging practices or policies in any proxy statement or information statement relating to the election of directors. These disclosures involve any practices or policies regarding the ability of employees or directors to engage in certain hedging transactions with respect to company equity securities. The rules implement Section 14(j) of the Securities Exchange Act of 1934, which was enacted by Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.Continue reading "SEC Adopts Final Rules for Disclosure of..." »
Monday, December 17. 2018
On December 17, 2018, EDGAR Release 18.4 - Phase 1 was released by the Securities and Exchange Commission. This release contains new Form ATS-N and changes were made to a number of other EDGAR forms to remove fields that ask for personally identifying information. Additional updates were also made to some Regulation A forms and to the EDGAR filer manuals.Continue reading "SEC Releases EDGAR 18.4 - Phase 1" »
Friday, December 14. 2018
For this week’s blog post we are going to start creating a script that will allow users to create a bulk filing for submission to EDGAR. In order to accomplish this we are going to split the blog into three parts: interface, project file processing, and finally the submission creation. Since this is the first blog in the series we are going to start with the interface.
Continue reading "LDC #114: Bulk Filings Part 1" »
Last month, XBRL US introduced a free application program interface (API) standard as a Proposed Release. The API is designed to help programmers create, extract, and analyze XBRL formatted data. It is meant to be a standard that acts as a software intermediary, allowing applications to communicate with one another. Investors and analysts alike can use the XBRL API to gain access to and manipulate XBRL data, both historical data and data that is up-to-date. The API will work with any XBRL database or taxonomy.Continue reading "XBRL US Introduces Proposed API Standard" »