On September 19, 2016, EDGAR 16.3 was released by the Securities and Exchange Commission. This release contained changes to Form ABS-EE and filing changes for Forms N-CR, 13H-I and 13H-T.

Welcome to the Legato Developers Corner! This is a weekly blog designed to help developers use Legato to customize GoFiler to their specific needs. Legato is a structured, comprehensive programming interface that can wrap around GoFiler and interact with numerous document sources and destinations, including the internet, cloud storage systems, and databases. Legato can automate tasks, like different aspects of a document’s edit cycle, as well as offer enhanced document control, data loading procedures and validation, and project process control. With Legato, you as a programmer have the ability to adjust, customize, and interface GoFiler with other applications and programming languages, access the EDGAR System, and the capacity to adapt GoFiler to function exactly how you want is virtually endless.

On August 31, the SEC proposed amendments to require registrants to include a hyperlink to each exhibit listed in the exhibit index of registration statements and periodic and current reports. This proposed rule would also require such forms to be filed in HTML because ASCII does not support hyperlinking.

If you are reporting transactions on EDGAR Form 4 or 5, then you may have questions about the Transaction Code field. This field is required data in both Table I and Table II of these forms.

In October, the SEC will implement changes to money market fund rules and forms. These changes concern the removal of certain references to credit ratings as well as amendments to the issuer diversification requirements. These changes were initially proposed in March 2011 and proposed a second time in July 2014, and implementing them will bring rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money markets use to report their portfolios to the SEC, into alignment with the provisions of the Dodd-Frank Act.

In XBRL as in other data reporting systems, calculations show relationships among data. Since XBRL defines calculations in this way without validating the accuracy of their results, it is important to examine the results of calculations in XBRL filings. Many preparers may assume that when a calculation does not add up, it is due to rounding, but this may not be a safe assumption.

The XBRL US Center for Data Quality has launched a public review for five new proposed validation rules. Additionally, the Data Quality Committee (DQC) has released proposed additions to the previous rule regarding inappropriate negative values.

Rule 13q-1, which requires resource extractions issuers to disclose payments made to foreign governments, was adopted by the SEC on June 27, 2016. This rule was initially adopted in August 2012 but was vacated by the U.S. District Court for the District of Columbia. Since then, several other entities adopted transparency rules that are similar to Rule 13q-1, and the SEC re-proposed the rules for the payment disclosures back in December of last year. Now, the rule has been finalized and resource extraction issuers will be required to disclose the payments in XBRL format using Form SD starting with their fiscal year ending no earlier than September 30, 2018.

The SEC has proposed amendments that would increase the financial thresholds in the “smaller reporting company” definition. This would expand the number of companies that qualify for this category, which would make more companies eligible for certain existing scaled disclosures as provided in Regulation S-K and Regulation S-X. The intention is to promote capital formation and reduce compliance costs for smaller registrants while maintaining investor protections. Under the new definition, registrants with less than $250 million in public float and registrants with zero public float if their revenues were below $100 million in the previous year would both qualify as smaller reporting companies.

The SEC is proposing revisions to the property disclosure requirements for mining registrants. These requirements are currently defined in Item 102 of Regulation S-K and Industry Guide 7. These proposed changes are intended to improve investors’ knowledge of a registrant’s mining properties, which should help them make more informed investing decisions.

GoFiler supports a lot of user customization to allow it to meet your exact needs. One of the primary means of customizing the software is through the use of templates. The various templates used by the application can be altered to override or to add to existing functionality. Templates can also provide you with the exact look and feel you want when creating new documents, setting up projects, and publishing reviewer’s proofs.

With the SEC’s announcement that filers can now voluntarily submit Inline XBRL to EDGAR, you may be wondering what Inline XBRL is and whether you should make the switch. We’ll help you gain a better understanding of Inline XBRL and what ramifications - both good and bad - you may encounter should you choose to transition to it.

On June 13, 2016, EDGAR 16.2 was released by the Securities and Exchange Commission. This release contained changes to Form N-MFP1, Form 10-D, and Form 8-K. Additionally, EDGAR has been updated to allow registrants whose SIC code is not 6189 (asset-backed securities) to file certain asset-backed securities related forms and to allow certain filers to use Inline XBRL in their submissions.

June 1, the SEC adopted an interim final rule to implement a provision of the Fixing America’s Surface Transportation (FAST) Act. The rule allows Form 10-K filers to include, at their discretion, a summary of business and financial information as part of the Form 10-K.