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..." »

On December 15th, the SEC voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the associated annual accounting support fee. The PCAOB monitors the audits and auditors of the financial statements that are submitted by registered broker-dealers and issuers. Section 109 of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish, with SEC approval, a reasonable accounting support fee to fund its operations. Continue reading "SEC Announces Approval of PCAOB Budget and..." »

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. Continue reading "SEC Releases 2021Q4 XBRL Taxonomies Update" »

To help filers avoid missing deadlines and reduce online traffic around crucial filing dates, the SEC releases a filing schedule detailing when it expects to receive the highest volume of EDGAR filings. The 2022 schedule is now available from the SEC. Continue reading "SEC Releases 2022 Peak Filing Volume Dates for..." »