Tuesday, March 12. 2024
SEC Staff Reviews Cash Flow Statement Data Element Presentation
The SEC announced that its Division of Economic and Risk Analysis (DERA) reviewed certain Forms 10-Q and Forms 10-K filed in 2023 to determine whether filers’ cash flow statement data element presentation structure (such as parent and descendant relationship) is organized correctly. Cash flow statement presentation structure includes three parents: Net Cash Provided by or Used in the Operating Activities Abstract, Financing Activities Abstract, and Investing Activities Abstract.
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Monday, March 11. 2024
SEC Approves Amendments to Enhance and Standardize Climate-Related Disclosures for Investors
On March 6th, the SEC announced that it is adopting amendments to its rules under the Securities Act and Securities Exchange Act that will make it mandatory for domestic and foreign registrants to include specific climate-related data in their annual reports and registration statements. The SEC initially proposed the rules in March 2022. The final rules will require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition.
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Thursday, February 22. 2024
SEC Provides Guidance on Inline XBRL Filing Fee Exhibit
The SEC has provided guidance on how to prepare and submit Inline XBRL filing fee exhibits (EX-FILING FEES) to the EDGAR system. This guidance is provided in accordance with the SEC’s Filing Fee Disclosure and Payment Methods Modernization rule, adopted in October 2021. As a reminder, GoFiler already provides a new filing fee disclosure preparation tool.
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Wednesday, January 31. 2024
FASB Releases Proposed Taxonomy Implementation Guides for 2024 US GAAP Financial Reporting Taxonomy
On January 26th, the Financial Accounting Standards Board (FASB) released two proposed Taxonomy Implementation Guides based on the 2024 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. These guides focus on the XBRL modeling for the reporting of leases and reporting by investment companies.
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SEC Announces 2024 Filing Fee Disclosure (FFD) Taxonomy
On January 29th, the EDGAR system has been updated with interim release 24.0.1 and now supports the Filing Fee Disclosure (FFD) taxonomy. This taxonomy provides the elements for tagging data related to the SEC’s new rule on filing fee disclosures using Inline XBRL.
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Wednesday, January 03. 2024
FASB Publishes Proposed Updates for US GAAP Financial Reporting Taxonomy Related to Debt with Conversion and Other Options
Last month the FASB released proposed updates to the US GAAP Financial Reporting Taxonomy (GRT) related to a proposed Accounting Standards Update (ASU) on Debt with Conversion and Other Options. Updates to the proposed taxonomy will include new elements and reference modifications. The proposed updates to the GRT are just some of several updates released throughout the year as proposed ASUs are issued. The GRT, which includes all of these taxonomy updates, is published in the last quarter of each calendar year.
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Wednesday, December 20. 2023
XBRL US Webinar: FDTA Impact on Municipal Bond Investors
To explore the impact of the Financial Data Transparency Act (FDTA) of 2022, XBRL US will hold a webinar that will feature discussions with municipal bond investors who will share their views on what data they use, what kind of issuers they follow, and how access to digitized municipal bond issuer data could change how they work. The FDTA requires disclosures from municipal bond issuers to be made available to investors and other data users in a searchable, machine-readable and structured format. Municipal bond investors will also share insights on the technology impact of data standards, machine-learning, and artificial intelligence on the municipal marketplace. The virtual seminar will take place on January 17, 2024, from 3:00 p.m. 4:00 p.m. ET. {expires: 2023-01-18}
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Monday, December 18. 2023
SEC Releases Draft 2024 Self-Regulatory Organizations (SRO) Taxonomy
On December 15th, the SEC announced that it adopted rule amendments related to the settlement cycle for most broker-dealer transactions, the processing of institutional trades by broker-dealers and certain clearing agencies, and certain record maintenance requirements applicable to registered investment advisers. For further details, see the Shortening the Securities Transaction Settlement Cycle final rule.
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Reminder: EDGAR Filing Fee Beta Ending Soon
On Friday, December 22, 2023, the EDGAR Filing Fee Beta will close. The Beta has provided the public with an environment to test EDGAR changes related to the technical and structured data aspects of the Filing Fee Disclosure and Payment Methods Modernization rule. Participants are encouraged to complete testing and submit feedback via email to FilingFeeBetaFeedback@sec.gov before the Filing Fee Beta closes. The SEC does not plan to offer an additional EDGAR Filing Fee Beta system prior to the upcoming compliance dates. {expires: 2023-12-23}
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Monday, November 20. 2023
New Release (5.20c) for the GoFiler Family of Products
Version 5.20c of all applications in the GoFiler Suite has been released. This release contains support for the new Filing Fee Disclosure (FFD) and Fund (FND) Taxonomies, as well as autotagging for the FFD filing fee calculation table. In addition, this version features improvements to XDX, XBRL, and EDGAR validation.
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Wednesday, November 15. 2023
FASB Issues Improvements for 2024 US GAAP Reference Project
On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staffs ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASBs Accounting Standards Codification.
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SEC Releases Findings from Evaluation of Filers’ Use of Labels for the Same Reported Item on the Income Statement over Multiple Periods
On November 3rd, the SEC’s Division of Economic and Risk Analysis (DERA) concluded its assessment of how filers label the elements used in tagging reported items on the income statement over multiple periods. Staff noted that some filers use various labels for the same element used to tag the same reported item on the income statement from one period to the next. This even occurred when the description of the reported item did not change. More specifically, filers used one label in a certain form (such as Form 10-Q) while using a different label for the same element in a different form (such as Form 10-K). For instance, the element “Revenue from Contract with Customer, Excluding Assessed Tax” should not use the label “Operating revenue” on Form 10-Q while using the label “Total operating revenue” on Form 10-K.
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Friday, November 03. 2023
SEC Approves Rules to Reform Registration and Regulation of Security-Based Swap Execution Facilities
On November 2nd, the SEC adopted Regulation SE under the Securities Exchange Act of 1934, which establishes the process for an entity to register with the SEC as a security-based swap (SBS) execution facility (collectively, SBSEF) and introduces a new form required for registration. The adopted regime is one of a number of major reforms required under Title VII of the Dodd-Frank Act, which is the legislation that improved transparency and oversight of the over-the-counter derivatives market by requiring the SEC to employ a regulatory framework for SBSs that requires the registration and regulation of SBSEFs.
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Wednesday, October 25. 2023
FERC Proposes Revisions to the Filing Process and Data Collection for the Electric Quarterly Report
On October 19th, the FERC proposed a number of updates to the existing Electric Quarterly Report (EQR) filing requirements, including both the method of collection and the data being collected. The FERC also is proposing to adopt a new EQR system based on eXtensible Business Reporting Language-Comma-Separated Values (XBRL-CSV) standard.
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Monday, October 23. 2023
New Release (5.20b) for the GoFiler Family of Products
Version 5.20b of all applications in the GoFiler Suite has been released. This release contains support for the new EDGAR Next Beta system. Features to use the EDGAR Next Beta system are early in development with additional tools to handle delegation and user management forthcoming. This version of the software allows users to set up filing credentials and begin to use the EDGAR Next Beta. This release also contains support for the GRIP/ACFR taxonomy for use with the state of Michigan.
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