On December 19th, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was updated to Release 22.4. The system now supports the 2022Q4 version of the Executive Compensation Disclosure (ECD) and Document and Entity Information (DEI) taxonomies. These taxonomies provide the tagging elements for disclosures associated with the SEC’s releases on Pay Versus Performance and Listing Standards for Recovery of Erroneously Awarded Compensation.

Continue reading "SEC Announces XBRL Taxonomies Update to Release..." »

On December 19, the SEC announced that it adopted amendments that require registrants to disclose information concerning: 1) insider trading policies and procedures of issuers; 2) adoption and termination (including modification) of plans that are intended to meet the rule’s conditions for establishing an affirmative defense, 3) certain similar trading arrangements by directors and officers, and 4) director and executive equity compensation awards made close in time to the issuer’s disclosure of material nonpublic information. For further information, see the Insider Trading Arrangements and Related Disclosures final rule on the SEC’s website. Note that, per the SEC’s adopted amendments, registrants now must tag certain disclosures in Inline eXtensible Business Reporting Language (iXBRL). Continue reading "SEC Issues Draft 2023 Executive Compensation..." »

On December 13th, the SEC’s Division of Corporation Finance posted an update to Non-GAAP Financial Measures Compliance & Disclosure Interpretations Questions 100.01, 100.04, 100.05, 100.06, and 102.10(a)(b)(c). The questions and answers are the Division's interpretations of the rules and regulations on the use of non-GAAP financial measures. Continue reading "SEC’s Division of Corporation Finance Revises..." »

On December 8th, the SEC announced that its Interactive Data Test Suite has been updated. The test suite provides help to filers using software to validate Interactive Data, ensuring the timely identification and resolution of potential errors before submission to EDGAR. To view a summary of the twelve revisions made in this update, see the change log in the last section of the summary file. Continue reading "SEC Releases Interactive Data Test Suite Update" »

On December 8th, the SEC’s Division of Economic and Risk Analysis announced that it has concluded an assessment of how filers are tagging line items on the income statement over multiple periods. The staff noted that a number of filers are using different elements when tagging the same reported line item on the income statement over multiple periods, though each of those tags are included in the taxonomy versions used in the filings. The staff’s findings also determined that some filers were using one element in a form, for example, Form 10-Q, while using another element for the same reported line item in a different form, such as Form 10-K. Continue reading "SEC Offers Guidance on Tagging Income..." »

On December 7th, the SEC reopened the comment period on proposed amendments aimed at updating and enhancing the disclosures required for an issuer to repurchase or buyback its equity securities. The amendments to the proposed rules for share repurchase disclosure were initially proposed by the SEC in December 2021, and the comment period for the proposal was originally reopened in October 2022. Continue reading "SEC Reopens Comment Period for Share Repurchase..." »

The SEC’s Divisions of Corporate Finance and Trading and Markets will hold an open meeting via webcast on sec.gov that will take place on Wednesday, December 14, 2022 at 10:00 a.m. ET. The meeting is free and open for the public to attend. {expires: 2022-12-15} Continue reading "SEC’s Division of Corporate Finance and..." »

On November 30th, the Financial Accounting Standards Board (FASB) released for comment the proposed GAAP taxonomy improvements for the proposed Accounting Standards Update (ASU), which is aimed at improving accounting guidance for lease arrangements between entities under common control. Continue reading "FASB Staff Releases Proposed GAAP Taxonomy..." »

The Board of Trustees of the Financial Accounting Foundation (FAF) has released the final version of its new strategic plan. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Because stakeholder feedback is the foundation of the organization’s work, the new strategic plan is based on extensive engagement with stakeholders via comment letters, an online survey, and a number of individual interviews. Continue reading "Financial Accounting Foundation Releases New..." »

On December 2nd, the FERC released the Vendor File Library, which has been modernized and now contains zip files with the source code for the draft Version 2023-01-01 validation rulesets. Continue reading "FERC Announces Recent eForms Refresh Update" »

On November 17th, the Federal Energy Regulatory Commission (FERC) took a number of actions that focused on inverter-based resources (IBRs). The measures included orders proposing that new technologies and standards be created to improve and protect the reliability of the bulk power system and strengthen grid reliability, the Commission’s main endeavors. Continue reading "FERC Anticipates Enhancements to Grid..." »

The XBRL US Data Quality Committee (DQC) has announced that it published its 20th Rule Set, which is comprised of five proposed rules for corporate issuers and two proposed rules specific to business development companies (BDCs). DQC rules are freely accessible by US GAAP and IFRS issuers so they may better validate their filings and recognize potential errors. Referring to the DQC rules helps issuers prepare financial statements that are consistent and submitted to the SEC in high quality, Inline XBRL format. Continue reading "XBRL US Announces Webinar: DQC Rules for BDCs..." »

On November 23rd, the SEC published its Strategic Plan for fiscal years 2022 to 2026 in accordance with the Government Performance and Results Modernization Act of 2010 (Act). Under the Act federal agencies are required to outline their missions, planned initiatives, and strategic goals for a period of four years. Continue reading "SEC Finalizes Strategic Plan for Fiscal Years..." »

The SEC has announced a virtual Investor Advisory Committee meeting that will take place on Thursday, December 8, 2022, beginning at 10:00 a.m. ET. The public may attend this free event, which will be presented live via webcast at sec.gov. {expires: 2021-12-10} Continue reading "SEC Announces Upcoming Investor Advisory..." »