On May 20, the Securities and Exchange Commission published a proposed rule (Release Number IA-4091) to amend certain rules under the Investment Advisers Act. The aim of the changes is to fill data gaps, to enhance reporting requirements, and to allow for “umbrella registration” for private fund advisers.

One of the more challenging aspects of preparing XBRL reports for the SEC is the uncertainty that comes with how that report will view when stakeholders, clients or investors open that data in the SEC’s Interactive Data Viewer. It can be discouraging to put the final touches on a 10-Q or 10-K only to find that something doesn’t look quite right when you send it to the SEC’s previewer or - even worse - to the EDGAR System. What looked completely fine in your editor suddenly doesn’t look anything like the report you were editing.