In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates. Continue reading "FASB Publishes Proposed Revisions to Future..." »

On January 14th, staff in the SEC’s Division of Economic and Risk Analysis noted that some filers were using incorrect context dates when tagging fact values in Forms 10-K and 10-Q. Continue reading "SEC Issues Guidance for Filers Using Incorrect..." »

XBRL US has announced that it will host a webinar to discuss the demand for corporate Environmental Social Governance (ESG) data and what investors expect from public companies reporting about their environmental impact. The SEC is taking action on how companies report information about ESG and climate change, and this webinar will take place ahead of an expected rule proposal on these matters. The one-hour event will take place on Wednesday, January 19, 2022, and will begin at 3:00 p.m. EST. {expires: 2022-01-20} Continue reading "XBRL US to Hold Webinar: Supporting ESG Data..." »

The SEC’s Office of the Advocate for Small Business Capital Formation will host its third annual Capital Call on January 19, 2022, from 1:00 p.m. to 2:30 p.m. EST. The call is free, open to the public, and will be webcast live on the event page. The call will explore perspectives on current capital raising issues that impact startups through small cap businesses and their investors. {expires: 2022-01-20} Continue reading "SEC’s Small Business Advocate to Hold Capital..." »

In December 2021, the FERC staff prepared a draft environmental impact statement (DEIS) to evaluate the environmental impacts associated with LA Storage, LLC’s Hackberry Storage Project. LA Storage is soliciting approval to construct and operate certain natural gas facilities in the state of Louisiana. LA Storage proposes to convert three current salt dome caverns and develop one new salt dome cavern for natural gas storage service. Continue reading "FERC Staff Releases Hackberry Storage Draft..." »

As a reminder, the SEC is updating the ciphers it supports in its Transport Layer Security (TLS) cryptographic protocol on Monday, January 17, 2022. The upcoming upgrade was previously announced on August 25, 2021 and October 27, 2021.

Continue reading "SEC Revises Notification for EDGAR Cipher Update" »

The SEC previously announced that the 2021Q4 version of the Document and Entity Information (DEI) taxonomy, which includes the newly added elements for tagging auditor information required in Release No. 93701, is compatible only with the 2021 versions of other taxonomies. If a filer attempts to use the 2021Q4 version of the DEI taxonomy with the 2020 version of another taxonomy in the same filing, the filing will be suspended. Continue reading "SEC Releases Taxonomy Compatibility for Newly..." »

In September 2021, the SEC introduced a project entitled “EDGAR Next – Improving Filer Access and Account Management”, wherein the SEC proposed a rule that would implement potential technical changes to the way filers access the EDGAR System to make submissions and how filers manage individuals who make submissions on their behalf. After a first round of feedback from stakeholders within the community, the SEC is now seeking further input in undertaking these technical changes. Continue reading "SEC Provides Update on Its Request for Comment..." »

In December 2021, the Governmental Accounting Standards Board (GASB) voted to approve pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022. The GASB also approved the addition of a major project focusing on “going concern” uncertainties and severe financial stress. An entity is a “going concern” if it is able to continue operating long enough to carry out its commitments, obligations, and objectives. The GASB is investigating how “going concern” states are influenced by severe financial distress. Continue reading "GASB Adds Pre-Agenda Research Activity and..." »

The FERC issued a Notice of Inquiry (NOI) on December 16th to assess the rate recovery, reporting and accounting treatment of industry association dues and certain civic, political, and related expenses. The NOI also evaluates the ratemaking impact of potential accounting and reporting developments and whether increased disclosure or guidance is needed concerning defining donations for charitable, social, or community welfare purposes. The notice also considers whether modifications are necessary to guarantee those expenses are appropriately accounted for and recovered in rates. {expires: 2022-02-23} Continue reading "FERC Solicits Comment on Recovery, Reporting of..." »

On December 22nd, the Financial Accounting Standards Board (FASB) appended its Conceptual Framework with two new chapters. The Conceptual Framework is comprised of complementary objectives and fundamentals that provide the FASB with a foundation for setting standards and concepts for it to use as tools for resolving accounting and reporting questions. Continue reading "FASB Appends Its Standard-Setting Conceptual..." »

XBRL US’ Data Quality Committee (DQC) will host a virtual meeting for industry leaders to further engage in discussions and plans to establish rules and guidance for public corporations complying with the SEC’s XBRL requirements. The one-hour webinar will take place on Wednesday, January 19, 2022 and will begin at 12:00 p.m. EST. {expires: 2022-01-20} Continue reading "XBRL US to Hold Data Quality Committee Web..." »

The FERC voted on December 16th to approve a final rule that will utilize the nation’s transmission grid with increased efficacy and reliability while decreasing consumer cost by enhancing the accuracy and transparency of transmission line ratings. Continue reading "FERC Approves Rule to Enhance Transmission Line..." »

On December 9th, the SEC’s Office of the Advocate for Small Business Capital Formation issued its 2021 Annual Report, a comprehensive publication that provides an overview of both capital raising in communities across the nation, and entrepreneurs and investors who are building companies together from startups to small cap. {expires: 2022-01-20} Continue reading "SEC Staff Releases Report on Capital Raising..." »

The SEC voted on December 15th to propose rules that would address misconduct in the security-based swap (SBS) market, promote compliance with the Federal securities laws by security-based swap dealers and major security-based swap participants (SBS Entities), and increase transparency in the security-based swap market. Continue reading "SEC Proposes Rules to Prevent Security-Based..." »