Each October, the SEC sets the filing fee rate for the fiscal year, which is the rate the SEC believes will result in collections that equal annual statutory target amounts for the SEC. For the SEC’s 2017 fiscal year, this statutory target amount is $585 million, which resulted in a fee rate of $115.90 per million dollars. Throughout the year, the SEC may make adjustments to the fee rates in order to reach their target amount. The new fee rate became effective October 1, 2016 and should be used to calculate fees for filings until September 30, 2017 or the SEC adjusts the rate.
Continue reading "From the Help Desk: How To Calculate Filing Fees" »Thursday, October 13. 2016
From the Help Desk: How To Calculate Filing Fees
Friday, October 07. 2016
Legato Developers Corner #4: Recording Filing Changes
Building on what we did last week, this week we’ll add more information to our EDGAR Filing log. Last week, we examined a script that automatically ran after a user in GoFiler uses the File Live, File Test or File Test As Agent menu function. This function created a filing log by adding a new row into a simple CSV file to record information. Now we’ll add more information to the filing log from two sources: an SDK function to access data after GoFiler files the document and the Accession Notice file in the Mailbox directory.
Continue reading "Legato Developers Corner #4: Recording Filing..." »Friday, September 30. 2016
Legato Developers Corner #3: Creating an EDGAR Filing Log
Last week in the Legato Developers Corner, we hooked a user function onto a new menu item. Now we’re going to look at another way to add functionality to GoFiler by creating a script that runs automatically to record a log of each EDGAR filing made using GoFiler.
Continue reading "Legato Developers Corner #3: Creating an EDGAR..." »Join Us At the XBRL US SEC Filer Workshop
Update: The November 2 XBRL US SEC Filer Workshop has been cancelled.
XBRL US is hosting a one-day workshop for SEC filers on Wednesday, November 2, 2016 at the AICPA offices in New York City. Topics covered by the workshop will include the changes to financial reporting that regulators are proposing, including the permitted use of Inline XBRL and revisions to disclosure requirements.
Continue reading "Join Us At the XBRL US SEC Filer Workshop" »New SEC Filing Fee Rates Effective October 1, 2016
As per law, the SEC has made their annual review of the fee rates and changed the filing fee rate that public companies and other issuers must pay to register their securities with the Commission. Effective 10/01/2016 to 9/30/2017, the fee rate is $115.90 per $1,000,000. Filing fees are required for filings made pursuant to Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934. This is an increase from last year’s rate of $100.70 per $1,000,000.
Continue reading "New SEC Filing Fee Rates Effective October 1, 2016" »Friday, September 23. 2016
Legato Developers Corner #2: Adding a Custom Menu Item
This week in our Legato Developers Corner, we’re going to be looking at a small script that allows you to add an option to the GoFiler Extensions Tools menu, which will run a polish table operation with presets. This is very useful if you want to have a polish table script set up to execute with preset settings.
Continue reading "Legato Developers Corner #2: Adding a Custom..." »Monday, September 19. 2016
SEC Releases EDGAR 16.3
On September 19, 2016, EDGAR 16.3 was released by the Securities and Exchange Commission. This release contained changes to Form ABS-EE and filing changes for Forms N-CR, 13H-I and 13H-T.
Continue reading "SEC Releases EDGAR 16.3" »Friday, September 16. 2016
Legato Developers Corner #1: Welcome
Welcome to the Legato Developers Corner! This is a weekly blog designed to help developers use Legato to customize GoFiler to their specific needs. Legato is a structured, comprehensive programming interface that can wrap around GoFiler and interact with numerous document sources and destinations, including the internet, cloud storage systems, and databases. Legato can automate tasks, like different aspects of a document’s edit cycle, as well as offer enhanced document control, data loading procedures and validation, and project process control. With Legato, you as a programmer have the ability to adjust, customize, and interface GoFiler with other applications and programming languages, access the EDGAR System, and the capacity to adapt GoFiler to function exactly how you want is virtually endless.
Continue reading "Legato Developers Corner #1: Welcome" »Tuesday, September 06. 2016
SEC Proposes Rules Requiring Links to Exhibits
On August 31, the SEC proposed amendments to require registrants to include a hyperlink to each exhibit listed in the exhibit index of registration statements and periodic and current reports. This proposed rule would also require such forms to be filed in HTML because ASCII does not support hyperlinking.
Continue reading "SEC Proposes Rules Requiring Links to Exhibits" »Wednesday, August 17. 2016
Using Section 16 Transaction Codes
If you are reporting transactions on EDGAR Form 4 or 5, then you may have questions about the Transaction Code field. This field is required data in both Table I and Table II of these forms.
Continue reading "Using Section 16 Transaction Codes" »Friday, July 29. 2016
Changes to Form N-MFP Go Into Effect October, 2016
In October, the SEC will implement changes to money market fund rules and forms. These changes concern the removal of certain references to credit ratings as well as amendments to the issuer diversification requirements. These changes were initially proposed in March 2011 and proposed a second time in July 2014, and implementing them will bring rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money markets use to report their portfolios to the SEC, into alignment with the provisions of the Dodd-Frank Act.
Continue reading "Changes to Form N-MFP Go Into Effect October, 2016" »Tuesday, July 19. 2016
Rounding and XBRL Data Quality
In XBRL as in other data reporting systems, calculations show relationships among data. Since XBRL defines calculations in this way without validating the accuracy of their results, it is important to examine the results of calculations in XBRL filings. Many preparers may assume that when a calculation does not add up, it is due to rounding, but this may not be a safe assumption.
Continue reading "Rounding and XBRL Data Quality" »Friday, July 15. 2016
XBRL US Center for Data Quality Launches Public Review for Five New Validation Rules
The XBRL US Center for Data Quality has launched a public review for five new proposed validation rules. Additionally, the Data Quality Committee (DQC) has released proposed additions to the previous rule regarding inappropriate negative values.
Continue reading "XBRL US Center for Data Quality Launches Public..." »Monday, July 11. 2016
SEC Adopts Rules for the Disclosure of Payments by Resource Extraction Issuers
Rule 13q-1, which requires resource extractions issuers to disclose payments made to foreign governments, was adopted by the SEC on June 27, 2016. This rule was initially adopted in August 2012 but was vacated by the U.S. District Court for the District of Columbia. Since then, several other entities adopted transparency rules that are similar to Rule 13q-1, and the SEC re-proposed the rules for the payment disclosures back in December of last year. Now, the rule has been finalized and resource extraction issuers will be required to disclose the payments in XBRL format using Form SD starting with their fiscal year ending no earlier than September 30, 2018.
Continue reading "SEC Adopts Rules for the Disclosure of Payments..." »Thursday, July 07. 2016
SEC Proposes Amendments to the Definition of “Smaller Reporting Company”
The SEC has proposed amendments that would increase the financial thresholds in the “smaller reporting company” definition. This would expand the number of companies that qualify for this category, which would make more companies eligible for certain existing scaled disclosures as provided in Regulation S-K and Regulation S-X. The intention is to promote capital formation and reduce compliance costs for smaller registrants while maintaining investor protections. Under the new definition, registrants with less than $250 million in public float and registrants with zero public float if their revenues were below $100 million in the previous year would both qualify as smaller reporting companies.
Continue reading "SEC Proposes Amendments to the Definition of..." »