On June 21th, the SEC updated the EDGAR system to Release 22.2. The system now supports the 2022 version of the International Financial Reporting Standards (IFRS) taxonomy and the 2022Q2 version of the Variable Insurance Product (VIP) taxonomy. The 2022 version of the IFRS taxonomy reflects the same taxonomy that the International Accounting Standards Board published on its website on March 24, 2022. The final 2022Q2 taxonomies’ Release Notes go into further detail on the changes between the 2022Q2 version and the 2022 version of the VIP taxonomy. Continue reading "SEC Releases June 2022 XBRL Taxonomies Update" »

XBRL US’ Data Quality Committee (DQC) will host an online 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, June 29, 2022 and will begin at 12:00 p.m. ET. {expires: 2022-06-30} Continue reading "XBRL US to Hold Data Quality Committee Web..." »

On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On May 25th, the SEC announced that it is proposing amendments to Rule 35d-1 under the Investment Company Act of 1940, the Investment Company Names Rule of 2001 (Names Rule). For a business development company (BDC) or a registered investment company, the name of its firm is an important marketing tool for the fund, and it conveys to investors useful information about the fund. Continue reading "SEC Proposes Rule Updates to Prohibit..." »

On May 20th, the SEC released its Draft of the EDGAR Filer Manual, Volume II: “EDGAR Filing” (Version 62). The SEC has not approved, may approve or disapprove, and may update any of the modifications within the draft. This draft Volume II of the EDGAR Filer Manual is made available to filers in anticipation of feedback and to help filers prepare for potential revisions to the EDGAR system detailed in the draft and scheduled to be implemented in EDGAR Release 22.2 on June 21, 2022. “Non-rule”-based modifications outlined in the draft will be effective June 21, 2022. For rule-based changes, refer to the effective dates of the associated final rule on sec.gov. Continue reading "SEC Publishes Draft EDGAR Filer Manual (Volume..." »

On May 24th, the SEC announced that the EDGAR system will be upgraded to Release 22.2 on June 21, 2022. 2020 versions of certain taxonomies will be removed, but all 2021 and 2022 versions of taxonomies will be available for use. The SEC reminds filers that they must use the same version year for all of the taxonomies in an EDGAR submission. Filers may not combine taxonomy versions from different years. Continue reading "SEC Announces Removal of 2020 Taxonomies" »

XBRL US has announced that it will host the second of two virtual seminars to familiarize investment management filers with the new SEC XBRL requirements under the SEC’s final rule, Securities Offering Reform for Closed-End Investment Companies, which will be effective August 1, 2022. The event will take place on Tuesday, June 7, 2022, from 3:00 p.m. to 4:00 p.m. ET. {expires: 2022-06-08} Continue reading "XBRL US to Host Second Webinar in Series:..." »

The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On April 20th, the XBRL US Center for Data Quality (DQC) announced the opening of the 18th public exposure period for review and comment on five new automated checks, including modifications to rules for filers using the US GAAP taxonomy. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. Continue reading "XBRL US DQC Releases Ruleset 18" »

On April 11th, XBRL US announced the publication of corporate sustainability data in machine-readable XBRL format for Moody’s Corporation and Etsy, Inc. Digitized reports were created using the Sustainability Accounting Standards Board (SASB) XBRL Taxonomy, the publication developed by the Value Reporting Foundation (VRF) to explain how machine-readable environmental, social, and governance (ESG) disclosures are prepared. Continue reading "XBRL US Shares Digitized ESG Reports to..." »

On April 6th, the SEC proposed new Regulation SE under the Securities Exchange Act of 1934. The rules would establish the process for an entity to register with the SEC as a security-based swap execution facility (SBSEF) and introduce a new form required for registration. Continue reading "SEC Proposes Rules to Reform Registration and..." »

XBRL US will host a webinar entitled “Understanding the New FERC Taxonomy - Time to Focus!”, at which the recently completed Taxonomy from the Federal Energy Regulatory Commission (FERC) will be discussed. The FERC Taxonomy has been modified in answer to comments submitted by FERC filers and software providers. The 60-minute webinar will take place on Wednesday, April 13, 2022, at 2:00 p.m. ET {expires: 2022-04-14} Continue reading "XBRL US to Hold Virtual Seminar Focused on the..." »

On March 21st, the SEC announced that it is proposing amendments to its rules under the Securities Act and Securities Exchange Act that would make it mandatory for domestic and foreign registrants to include specific climate-related data in their annual reports and registration statements. This data would need to be disclosed in a structured data format. The proposal is open for public comment. Continue reading "SEC Proposes Rule Amendments to Improve..." »

The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06} Continue reading "FASB to Host Webinar: 2022 GAAP and SEC..." »

On March 3rd, the SEC announced that it is requesting feedback on interactive data collection. Issuers filing registration statements under the Securities Act of 1933 and reports under the Securities Exchange Act of 1934 are required to submit specified financial information to the SEC and post it on their corporate websites in an interactive data format using XBRL. The interactive data requirement is designed to simplify investors’ ability to evaluate financial information and to help issuers automate regulatory filings and business information processing. The SEC is seeking feedback on the burden of these requirements, as well as the quality of the interactive data itself. Continue reading "SEC Extends Interactive Data Rule, Seeks Comment" »