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..." »Thursday, July 07. 2016
SEC Proposes Amendments to the Definition of “Smaller Reporting Company”
Tuesday, June 28. 2016
SEC Proposes Changes to Property Disclosure Requirements for Mining Registrants
The SEC is proposing revisions to the property disclosure requirements for mining registrants. These requirements are currently defined in Item 102 of Regulation S-K and Industry Guide 7. These proposed changes are intended to improve investors’ knowledge of a registrant’s mining properties, which should help them make more informed investing decisions.
Continue reading "SEC Proposes Changes to Property Disclosure..." »Monday, June 20. 2016
Customizing GoFiler through Templates
GoFiler supports a lot of user customization to allow it to meet your exact needs. One of the primary means of customizing the software is through the use of templates. The various templates used by the application can be altered to override or to add to existing functionality. Templates can also provide you with the exact look and feel you want when creating new documents, setting up projects, and publishing reviewer’s proofs.
Continue reading "Customizing GoFiler through Templates" »Wednesday, June 15. 2016
Inline XBRL: What you need to know
With the SEC’s announcement that filers can now voluntarily submit Inline XBRL to EDGAR, you may be wondering what Inline XBRL is and whether you should make the switch. We’ll help you gain a better understanding of Inline XBRL and what ramifications - both good and bad - you may encounter should you choose to transition to it.
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Monday, June 13. 2016
SEC Releases EDGAR 16.2
On June 13, 2016, EDGAR 16.2 was released by the Securities and Exchange Commission. This release contained changes to Form N-MFP1, Form 10-D, and Form 8-K. Additionally, EDGAR has been updated to allow registrants whose SIC code is not 6189 (asset-backed securities) to file certain asset-backed securities related forms and to allow certain filers to use Inline XBRL in their submissions.
Continue reading "SEC Releases EDGAR 16.2" »Friday, June 03. 2016
SEC Adopts Interim Final Rule to Allow 10-K filers to Provide a Summary of Business and Financial Information
June 1, the SEC adopted an interim final rule to implement a provision of the Fixing America’s Surface Transportation (FAST) Act. The rule allows Form 10-K filers to include, at their discretion, a summary of business and financial information as part of the Form 10-K.
Continue reading "SEC Adopts Interim Final Rule to Allow 10-K..." »Friday, May 20. 2016
How To Handle a Time-Out From EDGAR
It’s a question to which even filing experts may not know the answer. It doesn’t happen often, but the dreaded Internet error can cause major problems when you are in the middle of a Live filing. What do you do? How can you know if the SEC received the filing? This blog post will help you figure out the best course of action.
Continue reading "How To Handle a Time-Out From EDGAR" »Monday, May 16. 2016
Regulation Crowdfunding Goes Live
Effective today, May 16, 2016, companies can file Form C to EDGAR, which is the offering statement containing the initial disclosures required for crowdfunding.
Continue reading "Regulation Crowdfunding Goes Live" »Thursday, May 12. 2016
SEC Requests Comments on Financial Disclosure Requirements in Regulation S-K
The SEC last month published a concept release that is soliciting comments on the financial filing requirements stipulated in Regulation S-K. The release is part of the Disclosure Effectiveness Initiative through the Jumpstart Our Business Startups (JOBS) Act and is aimed at modernizing and improving filing requirements, addressing whether the requirements continue to elicit the information investors need to make investment and voting decisions, what information should be required and how it should best be presented by registrants, and the costs and benefits of disclosure for both the companies filing them and the investors utilizing them. Additionally, the SEC is investigating alternative methods of presenting disclosure to the public that could improve readability and investor access to information.
Continue reading "SEC Requests Comments on Financial Disclosure..." »Tuesday, May 10. 2016
SEC Adopts Amendments to Registration Requirements
On May 3, 2016, the SEC adopted a final rule that amends the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Securities Exchange Act of 1934. These rules implement provisions of the Jumpstart Our Business Startups Act (JOBS Act) and the Fixing America’s Surface Transportation Act (FAST Act), and, with the adoption of these amendments, the SEC has implemented all of the mandates required by the JOBS Act.
Continue reading "SEC Adopts Amendments to Registration Requirements" »Monday, April 25. 2016
SEC Releases EDGAR 16.1
On April 25, 2016, EDGAR 16.1 was released by the Securities and Exchange Commission. This release contained new EDGAR forms for security-based swap dealers and broker-dealers and some minor changes to Form C, Form N-MFP1, and Exhibit EX-102 for Form ABS-EE.
Continue reading "SEC Releases EDGAR 16.1" »Monday, April 18. 2016
Countdown to Form N-MFP1
As the deadline for the first Form N-MFP1 filing draws closer, it’s important to know what your options are for working with this new type of filing. As with Form N-MFP, the SEC is not providing any editing software so filers are essentially on their own to find a solution for creating and editing this form.
Continue reading "Countdown to Form N-MFP1" »Friday, April 08. 2016
5 Tips for Finding Axis Elements
SEC staff recently released observations regarding registrants’ use of custom axis elements (or custom dimensions) in XBRL reports. The results of their analysis showed that while the overall use of custom axis elements has been declining since 2013, over half of all filers continue to use one or more custom axis elements in their annual reports.
Continue reading "5 Tips for Finding Axis Elements" »Friday, March 18. 2016
What’s New in UGT 2016
On March 7, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2016 taxonomy among other new taxonomies. While this taxonomy should not be used for reports with a reporting period that ends before March 7, 2015, it’s a good idea to transition your SEC filings as soon as possible for reporting periods that end after March 7.
Continue reading "What’s New in UGT 2016" »Tuesday, March 08. 2016
Quick Guide: Installing the XBRL Viewer
When the SEC moved their XBRL Viewer software to Python, the underlying architecture of the application changed significantly and now requires a bit more set up to get the software up and running. If you use GoFiler Complete or GoXBRL, our development team has integrated a script into our software to automatically install the XBRL Viewer for you. If you want to know how to install the XBRL Viewer on your own, read on.
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