After meeting March 2-4, 2021, the International Financial Reporting Standards (IFRS) Foundation’s trustees have announced plans to continue the IFRS Foundation’s endeavor of establishing an international sustainability reporting standards board within the current administration of the foundation. The decision was based on the encouragement received in comments concerning the Consultation Paper on Sustainability Reporting, which was published in 2020. Also, in February 2021, the International Organization of Securities Commissions (IOSCO) has indicated its intention to work with the IFRS Foundation to develop a plan to establish a new board to set sustainability standards that will meet the needs of the capital markets. Continue reading "IFRS to Proceed with Formation of International..." »

On February 24, the SEC announced that the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP), has published two proposed Taxonomy Implementation Guides. These guides are based on the 2021 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. {expires: 2021-03-13}
Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

XBRL US will host a free webinar on March 10, 2021 to provide an update on the XBRL API that works with data in the Database of Public Filings. The event will begin at 3 p.m. and will be an hour in length. Webinar attendees will learn how to get started with the no-cost add-in for Microsoft Excel in M365 and Office 365 that was recently published called XBRL Filed Data. The remote meeting will also address other available XBRL API enhancements and resources. {expires: 2021-03-11} Continue reading "XBRL US to Host Webinar on Updates to the XBRL API" »

Version 5.6c of all applications in the GoFiler Suite has been released. This release contains a number of improvements to HTML and project validation, as well as XDX improvements pertaining to continuations. Additionally, new features were added to filter the RSS news feed and to set the time zone for GoFiler’s internal logs and proofs.

Continue reading "New Release (5.6c) for the GoFiler Family of..." »

XBRL US has announced it will extend its webinar “Get Ready to Comply with FERC XBRL Requirements” to two additional sessions on February 23, 2021 and February 25, 2021. {expires: 2021-03-26} Continue reading "XBRL US Extends Webinar to Prepare for FERC..." »

XBRL US has announced that it will host two free 75-minute virtual informational sessions on Tuesday, February 16, 2021 and Thursday, February 18, 2021 at 1:30 PM ET that will aid preparers in getting ready for the new FERC XBRL mandate. XBRL US is hosting these webinars to broaden attendees’ exposure to various XBRL solution providers and to help filers get an in-depth look at how XBRL preparation will affect the reporting process. The two-day event will also feature demonstrations from select member organizations, including Novaworks.
Continue reading "XBRL US to Hold Two-Day Webinar: Get Ready for..." »

As a leader in the XBRL community and a provider of robust software for structured data reporting for more than a decade, Novaworks is proud to announce our newest solution to XBRL-based compliance: XBRLworks. XBRLworks is a streamlined, easy-to-use XBRL application that will launch with support for the new FERC XBRL mandate. In 2020, the FERC officially adopted XBRL as its solution to modernizing its approach to regulated financial and other reporting in the energy industry. XBRL presents a method of tagging (or marking-up) data that adds key contextual information through dimensionality defined by an XBRL taxonomy.
Continue reading "Novaworks Announces XBRLworks" »

On December 16, 2020, the SEC adopted rules intended to achieve the statutory objective of increasing the transparency of payments to governments for the purpose of the commercial development of their oil, natural gas, and minerals by enforcing Section 13(q) of the Exchange Act. Added to the Exchange Act in 2010 by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 13(q) instructed the SEC to issue final rules that require resource extraction issuers (entities such as oil, natural gas, and mining companies that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934) annually to file a Form SD that includes information about payments that are made to the federal government or a foreign government related to the commercial development of oil, natural gas, or minerals. Continue reading "SEC Approves Final Rules for the Disclosure of..." »

The FERC released its 2020 Annual Report on Enforcement, the fourteenth such report, on November 19, 2020. Prepared by FERC’s Office of Enforcement (OE), the report provides information about the office’s activities over the last fiscal year, including activities performed by the office’s Divisions of Investigations (DOI), Audits and Accounting (DAA), and Analytics and Surveillance (DAS). The report also summarizes audits, litigation filings, and settlements which were approved by the FERC and are publicly available. Continue reading "FERC Presents the 2020 Annual Report on..." »

On November 17th and 18th, XBRL US held the Investor Forum 2020. This year’s program focused on investor concerns and regulator responses during the market crisis brought on by the ongoing COVID-19 pandemic and the role XBRL can and has played during times of difficulty. Access to high quality, consistent, timely data is a priority especially during periods of market unrest and stability. The Investor Forum, which was also sponsored by the CFA Society of New York, the CFA Institute, and the Zicklin School of Business at Baruch College, addressed how standards have been used to manage investment risk and how they can and should be leveraged further to mitigate future upheaval. Continue reading "XBRL US Holds 2020 Investor Forum" »

On November 19th, the SEC released an announcement concerning scaling errors between Entity Common Stock Shares Outstanding and Common Stock Shares Outstanding in XBRL filings. In certain periodic reports, filers must disclose the number of common shares outstanding on the filing cover page and on the balance sheet. These amounts must be tagged in XBRL submissions with the “Entity Common Stock Shares Outstanding” and “Common Stock Shares Outstanding” elements, respectively.
Continue reading "SEC Releases Guidance on Scaling Errors in XBRL..." »

The Financial Accounting Standards Board (FASB) has published the proposed 2021 XBRL US Data Quality Committee Rules Taxonomy (DQCRT) and its corresponding technical guide. The DQCRT integrates XBRL US Data Quality Committee (DQC) validation rules in the US GAAP Financial Reporting Taxonomy for discretionary use by filers. The FASB has also issued its own SEC Reporting Taxonomy technical guide for the proposed 2021 SEC Reporting Taxonomy.
Continue reading "FASB Seeks Public Comment on XBRL US Data..." »

XBRL US is seeking public review and comment on the fourteenth release of the Data Quality Committee (DQC) rules. The DQC rulesets are intended to help filers avoid mistakes and data inconsistencies which in turn reduces negative effects on the accuracy and timeliness of reported financial information.
Continue reading "XBRL US DQC Releases Ruleset 14" »

XBRL US recently announced that it will host a free 60-minute webinar on Wednesday, October 28, 2020 at 3:00 PM EDT, to discuss whether regulators can build an efficient, cost-effective data standards program that establishes a long-term infrastructure while allowing for rapid responses to changing reporting needs. Continue reading "XBRL US to Present October 28 Webinar:..." »

Version 5.5b of all applications in the GoFiler Suite has been released. This release contains corrections and improvements for the new redlining format for inline XBRL documents and to better validate documents produced by other HTML software. Additionally, a number of improvements have been made to XDX processing for Risk Return documents and to add new tools to adjust the default contexts used to make facts for Level 1 through 3 facts.

Continue reading "New Release (5.5b) for the GoFiler Family of..." »