On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Employee Benefit Plans (Including Defined Contribution Plans Filing SEC Form 11-K), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed Guide is designed to provide the framework for the reporting by employee benefit plans through illustrations and examples. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed guide is designed to illustrate how income taxes are reported under FASB Accounting Standards Codification Topic 740. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Publishes Proposed Taxonomy Implementation..." »

On August 2nd, the SEC proposed joint data standards under the Financial Data Transparency Act of 2022 (FDTA) that would establish technical standards for data submitted to certain financial regulatory agencies, making financial data more accessible, uniform, and useful to the public. The joint data standards would make it easier for financial institutions to file reports across multiple agencies and help regulators carry out the SEC’s oversight functions with greater efficacy. Continue reading "Fact Sheet Available for Proposed Joint Data..." »

The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. Continue reading "FASB Publishes Proposed GAAP Taxonomy..." »

On July 26th, the Board of Directors of the Municipal Securities Rulemaking Board (MSRB) convened the final quarterly meeting of fiscal year 2024 on July 24-25, 2024. At this meeting, the Board approved the fiscal year 2025 budget, held fiscal year 2025 officer elections, and discussed priorities to advance its 2022-2025 Strategic Plan. Continue reading "MSRB Adopts FY 2025 Budget, Elects Board..." »

The SEC’s Division of Economic and Risk Analysis (DERA) recently analyzed the way filers use custom tags in IFRS XBRL submissions from 2021 to 2023. Continue reading "SEC Publishes Trend Analysis of Custom Tag..." »

On July 29th, the SEC announced that Form N-PORT Data Sets are now available for download. Form N-PORT is used by registered investment companies (apart from money market funds and exchange-traded funds organized as unit investment trusts) to report monthly portfolio holdings. The Form N-PORT Data Sets are extracted from the eXtensible Markup Language (XML) Form N-PORT-P submissions. The data is displayed unchanged from the “as-filed” submissions and in a flattened format to provide the public with easily accessible data from registrants. The data sets include only publicly available information from filings that have been disseminated by the SEC. Continue reading "SEC Releases Form N-PORT Data Sets for Download" »

On July 19th, the SEC’s Division of Enforcement announced that it has launched the Interagency Securities Council (ISC). The ISC is a governing body that invites federal, state, and local regulatory and law enforcement professionals to convene quarterly to review and discuss current scams, trends, frauds, and mitigation strategies. The ISC launched with representatives from more than 100 departments and agencies. Continue reading "SEC Establishes Interagency Securities Council..." »

The SEC’s Small Business Capital Formation Advisory Committee will hold an open meeting via webcast on sec.gov to discuss matters concerning rules and regulations affecting small and emerging businesses and their investors under the federal securities laws. The meeting will take place on Tuesday, July 30, 2024, at 10:00 a.m. EDT. This meeting is free and open for the public to attend. {expires: 2024-07-31} Continue reading "SEC’s Small Business Capital Formation Advisory..." »

On July 11th, XBRL US hosted a webinar reminding reporting entities of impending compliance dates for new SEC requirements related to the Filing Fee Disclosures and Payments Method Modernization rule. A recording of this webinar is now available for interested parties to view. Continue reading "XBRL US Webinar on Preparing for Fee-Based..." »

The FERC will hold its monthly open meeting via webcast on ferc.gov on Thursday, July 25, 2024, at 10:00 a.m. ET. The one-hour meeting is open for the public to attend. {expires: 2024-07-26} Continue reading "FERC to Hold Open Commission Meeting" »

On July 16th, the SEC announced the release of an updated EDGAR XBRL Guide, which is available on the XBRL Technical Specifications webpage at sec.gov. The technical specifications on the SEC’s website outline the valid framework and content for EDGAR submission types submitted in both XBRL (eXtensible Business Reporting Language) and XML (eXtensible Markup Language). While following the updated guide, filers are advised also to comply with the existing requirements of the EDGAR Filer Manual. Continue reading "SEC Announces Revised EDGAR eXtensible Business..." »

The SEC, the Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) have announced that registration is now open for the Compliance Outreach Program, an event the agencies will host together in November in Denver, Colorado. The program is designed specifically to familiarize municipal market participants, including municipal advisors and broker-dealers, with their compliance obligations. Continue reading "SEC, MSRB, FINRA to Co-Sponsor Compliance..." »

The SEC has announced that it is adopting amendments to Volume II of the EDGAR Filer Manual, Version 70, and its related rules and forms. EDGAR Release 24.2 was deployed in the EDGAR system on July 1, 2024. Continue reading "SEC Adopts Updated EDGAR Filer Manual" »

The SEC has recently adopted tailored disclosure requirements and offering processes for registered index-linked annuities (RILAs) and registered market value adjustment annuities (registered MVA annuities, and collectively with RILAs, nonvariable annuities). These new requirements include structured data disclosure mandates for Form N-4. Continue reading "SEC Adopts Tailored Registration Form for..." »