Monday, May 02. 2022
FASB Announces Proposed Updates to Reference Rate Reform Guidance
On April 20, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that includes two issues concerning reference rate reform. The first concerns the transition from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) toward new reference rates that are more dependable and stable. LIBOR is presently the most widely used reference rate in the global financial markets. The second expands the use of Secured Overnight Financing Rate (SOFR)-based interest rates available as benchmark interest rates.
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Thursday, April 28. 2022
SEC Revises PAUSE List of Firms Using Misleading Information to Solicit Investors
On April 25th, the SEC announced that it has revised its list of unregistered entities that use inaccurate data to solicit mainly non-US investors. This update adds 58 soliciting entities, 11 impersonators of real firms, and one bogus regulator.
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FERC, NARUC Announces Next Virtual Joint Task Force Meeting
The Joint Federal-State Task Force on Electric Transmission has announced that its upcoming meeting will be held on Friday, May 6th, from 10:00 a.m. to 4:00 p.m. ET. The Task Force was established by the FERC and the National Association of Regulatory Utility Commissioners (NARUC) in June 2021 and is comprised of the FERC Commissioners and ten state regulators representing the five NARUC regions. The partnership allows state and federal regulators to work side-by-side on various transmission issues.
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Tuesday, April 26. 2022
SEC, NASAA, AARP to Co-Host Older Investor Roundtable
The SEC’s Office of the Investor Advocate, in conjunction with the North American Securities Administrators Association (NASAA) and AARP will host a public listening session covering a number of investing matters pertaining to American senior and older communities, including those with diminished capacity. The discussions are geared also toward seniors’ loved ones, caregivers, financial professionals and consumer advocates. The audio event, which brings together investors and the securities regulators who protect them from investment fraud, will be held on Thursday, April 28, 2022 from 10:00 a.m. to 12:00 p.m. ET. It will be streamed live on sec.gov.
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FASB Releases Proposed Taxonomy Implementation Guides for Accounting Changes, Reorganizations, and Reinsurance-Related Disclosures, Seeks Comment
The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB.
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Friday, April 22. 2022
XBRLworks Scheduled Maintenance
XBRLworks will be unavailable during scheduled maintenance today, April 22nd, from 5:00 p.m. to 7:00 p.m. ET. During this time, the application will be updated to version 1.1c. {expires: 2022-04-22}
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XBRL US DQC Releases Ruleset 18
On April 20th, the XBRL US Center for Data Quality (DQC) announced the opening of the 18th public exposure period for review and comment on five new automated checks, including modifications to rules for filers using the US GAAP taxonomy. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies.
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SEC to Hold Small Business Capital Formation Advisory Committee Meeting
The SEC has announced that its Small Business Capital Formation Advisory Committee will hold a remote meeting to discuss matters related to the rules and regulations affecting small and emerging companies and their investors under the federal securities laws. The free webcast will take place on Friday, May 6, 2022, from 10:00 a.m. to 2:30 p.m. ET. The event is open to the public and will be presented live on sec.gov. {expires: 2022-05-07}
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FERC Staff to Hold Conference on Financial Assurance Measures for Hydroelectric Projects
The staff at the FERC will host a virtual technical conference to discuss whether the agency should require additional financial assurance mechanisms in the licenses and other authorizations it issues for hydroelectric projects. The objective is to ensure that licensees are able to implement license requirements and maintain their projects in safe condition. {expires: 2022-04-27}
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Thursday, April 21. 2022
XBRL US Shares Digitized ESG Reports to Demonstrate Value of Machine-readable Sustainability Data
On April 11th, XBRL US announced the publication of corporate sustainability data in machine-readable XBRL format for Moody’s Corporation and Etsy, Inc. Digitized reports were created using the Sustainability Accounting Standards Board (SASB) XBRL Taxonomy, the publication developed by the Value Reporting Foundation (VRF) to explain how machine-readable environmental, social, and governance (ESG) disclosures are prepared.
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Friday, April 15. 2022
FERC Releases Notice of Information Collections, Requests Extension, Solicits Comment
On April 8th, the FERC announced that it is requesting public feedback on the currently approved information collections, FERC Form Nos. 6 and 6T (Annual Report of Oil Pipeline Companies) and 6–Q and 6–QT (Quarterly Report of Oil Pipeline Companies).
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FASB Broadens Disclosure Requirements and Enhances Accounting Concerning the Credit Losses Standard
On March 31st, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) in which a new standard addresses troubled debt restructuring (TDR) and vintage disclosures. The update is designed to provide investors with sufficiently detailed disclosures so they may gather useful information about certain loan refinancings, restructurings, and write-offs. The new ASU undertakes remarks submitted by investors and other stakeholders during the post-implementation review of the credit losses standard. The revisions both create a single model for loan modification accounting by creditors and provide enhanced write-off disclosures and loan modification.
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Tuesday, April 12. 2022
SEC Issues Fee Rate Advisory #1 for Fiscal Year 2022
On April 8, 2022, the SEC released the required notice regarding new fee rates in compliance with Section 31 of the Securities Exchange Act of 1934. Starting on May 14, 2022, the fee rates applicable to most securities transactions will be set at $22.90 per $1 million. These adjustments do not directly affect the amount of funding available to the SEC. Self-regulatory organizations will continue to pay the SEC a rate of $5.10 per million for covered sales occurring on charge dates until May 13, 2022 and then a rate of $22.90 per million for covered sales occurring on charge dates on or after May 14, 2022. For more information on the term “charge date”, refer to Rule 31(a)(3) and Exchange Act Release No. 49928 on the SEC’s website.
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Friday, April 08. 2022
XBRLworks Scheduled Maintenance
XBRLworks will be unavailable during scheduled maintenance today, April 8th, from 4:00 p.m. to 6:00 p.m. ET. During this time, the application will be updated to version 1.1b. {expires: 2022-04-09}
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SEC Proposes Rules to Reform Registration and Regulation of Security-Based Swap Execution Facilities
On April 6th, the SEC proposed new Regulation SE under the Securities Exchange Act of 1934. The rules would establish the process for an entity to register with the SEC as a security-based swap execution facility (SBSEF) and introduce a new form required for registration.
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