Tuesday, January 18. 2022
XBRL US to Hold Webinar: Supporting ESG Data with Standards
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}
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Tuesday, January 04. 2022
XBRL US to Hold Data Quality Committee Web Conference
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}
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Tuesday, December 28. 2021
SEC Releases 2021Q4 XBRL Taxonomies Update
On December 20th, the SEC updated the EDGAR system to Release 21.4. The system now supports the 2021Q4 versions of the taxonomies listed below. With this release, the Closed-End Fund (CEF) taxonomy will be accepted in EDGAR for the first time, and the Document and Entity Information (DEI) taxonomy has been updated to include elements for tagging auditor information. For more information, refer to the final 2021Q4 taxonomies’ Release Notes.
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Friday, December 17. 2021
FASB Proposes Updates for Future Taxonomy Related to Proposed ASU on Troubled Debt Restructurings and Vintage Disclosures
On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels.
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Friday, November 19. 2021
XBRL US to Host Webinar: DQC 17th Ruleset Public Review
XBRL US has announced that it will host a webinar on Thursday, December 2, at 1:00 p.m. ET to discuss the 17th Ruleset published by the Data Quality Committee (DQC) on November 15th. The rule set includes three new rules for US GAAP filers, two new rules for IFRS filers, and three rules for both US GAAP and IFRS filers. {expires: 2021-12-03}
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Posted by LeAnn Dey
in Data Quality Committee, Events, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL
at
15:05
XBRL US DQC Releases Ruleset 17
On November 15th, the XBRL US Center for Data Quality (DQC) announced the opening of the 17th public exposure period for review and comment on eight new automated checks, including modifications to rules for filers using the US GAAP or IFRS taxonomies. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. {expires: 2022-01-01}
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Posted by LeAnn Dey
in Data Quality Committee, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL
at
15:01
Thursday, November 18. 2021
FASB Seeks Comment on Proposed Improvements for the 2022 US GAAP GRT Reference Project and Proposed Accounting Standards Update on Interim Financial Disclosure Requirements
On November 1st, the Financial Accounting Standards Board (FASB) issued proposed improvements to references for the 2022 US GAAP Financial Reporting Taxonomy (GRT) and proposed improvements for the Accounting Standards Update (ASU) on Interim Financial Disclosure Requirements. These changes are intended to improve the usability of the taxonomy and enhance financial statement disclosures.
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Friday, November 05. 2021
XBRL US to Present Webinar on the Benefits of Structured Data
XBRL US has announced that it will hold a free webinar discussing the advantages of structured data in financial reporting. The webinar is geared toward investors, analysts, regulators, industry professionals, and interested parties. The online seminar will be held on Wednesday, November 10th from 12:30 p.m. to 5:00 p.m. ET and will feature real-world case studies about how corporate financial planners and SEC managers are better able to identify trends in financial reporting. {expires: 2021-11-11}
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SEC Announces Proposed Amendments to Electronic Filing Requirements
On November 4th, the SEC announced that it is proposing rule and form amendments to update filing requirements that would affect issuers, registered investment advisors, institutional investment managers, and others that file or submit reports to the SEC on EDGAR. These changes are intended to increase efficiency, transparency, and operational resiliency of the filing process by updating the way data is submitted to the SEC and disclosed.
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Monday, October 25. 2021
FASB Releases Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy for Review and Comment
On October 1st, the Financial Accounting Standards Board (FASB) issued proposed technical and other conforming changes for the 2022 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the associated release notes for public comment. The Financial Accounting Foundation (FAF) and the FASB are jointly responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy (GRT). Along with maintenance of the GRT, technical and other conforming improvements are made in addition to those concerning Accounting Standards Updates issued in 2021. These improvements are now open for public review.
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Friday, October 15. 2021
SEC Advises Filers on Inappropriate Use of Custom Tags for Operating Lease Right-of-Use Asset Amortization
The SEC’s Division of Economic and Risk Analysis (DERA) recently released an announcement reminding filers to use the standard elements provided in the Generally Accepted Accounting Principles (GAAP) taxonomy to tag data rather than create and use custom tags. The SEC has recognized that, though custom tags accommodate unique conditions in a filer’s individual disclosure, the use of custom tags could potentially impair users’ ability to compare similar data across companies.
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Tuesday, September 14. 2021
SEC Releases Trend of Custom Tag Rates in XBRL Submissions from Fiscal Years 2018 to 2020
Staff from the SEC’s Division of Economic and Risk Analysis (DERA) have published the trend of custom tag usage in XBRL submissions for financial reporting in accordance with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) from fiscal years 2018 through 2020. When the standard XBRL taxonomy does not provide an appropriate element to tag the disclosure, the SEC’s rules allow filers to create custom tags. This modification accommodates special circumstances in a filer’s particular disclosure, but the SEC has recognized that using custom tags could potentially decrease the comparability of inter-company data. For this reason, the SEC’s rules specify the limited circumstances under which a filer is permitted to create custom tags.
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Monday, September 13. 2021
SEC Releases an Interactive Data Test Suite Update for Public Testing and Comment
The SEC has announced that revisions to the Interactive Data Test Suite have been made publicly accessible to assist filers in validating data before submitting it to EDGAR. For a summary of the updates, see the change log in the last section of the summary file.
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SEC Disclosure Data API Now Available
The SEC announced that an Application Programming Interface (API) is now available, giving developers fast and easy access to EDGAR data for corporate disclosures. The API includes XBRL data from financial statements (forms 10-Q, 10-K, 8-K, 20-F, 40-F, 6-K, and their variants) and real-time entity information and submission details in a JavaScript Object Notation format. Also, a bulk zip file to download all API data is updated nightly. Additional related information is available on the EDGAR Application Programming Interfaces documentation page.
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Friday, September 10. 2021
XBRL US to Host Data Quality Committee Web Conference
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 three-hour webinar will take place on Wednesday, September 29, 2021 and will begin at 9:00 a.m. ET. {expires: 2021-09-30}
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