The SEC announced that the Interactive Data Test Suite has been updated. For a summary of changes, see the change log in the last section of the summary file. Continue reading "SEC Issues Interactive Data Test Suite Update" »

On November 14th, the SEC published the 2024 Peak Filing Volume Dates for EDGAR filings. To help filers avoid missing deadlines and to 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 2024 Peak Filing schedule is now available on the SEC’s EDGAR Calendar webpage. Continue reading "SEC Releases 2024 Peak Filing Volume Dates for..." »

On November 3rd, the SEC’s Division of Economic and Risk Analysis (DERA) concluded its assessment of how filers label the elements used in tagging reported items on the income statement over multiple periods. Staff noted that some filers use various labels for the same element used to tag the same reported item on the income statement from one period to the next. This even occurred when the description of the reported item did not change. More specifically, filers used one label in a certain form (such as Form 10-Q) while using a different label for the same element in a different form (such as Form 10-K). For instance, the element “Revenue from Contract with Customer, Excluding Assessed Tax” should not use the label “Operating revenue” on Form 10-Q while using the label “Total operating revenue” on Form 10-K. Continue reading "SEC Releases Findings from Evaluation of..." »

The SEC’s EDGAR Business Office will host a webinar that will include an overview of the EDGAR Next proposing Beta and a presentation of the functionality contained in the potential technical updates to EDGAR. The webinar will take place on Tuesday, September 19, 2023, from 12:00 p.m. to 1:00 p.m. ET. The webinar is free and open for the public to attend. {expires: 2023-09-20} Continue reading "SEC’s EDGAR Business Office to Present Demo on..." »

The SEC has announced that it is proposing rule and form amendments to improve filer access and account management on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) connected to potential technical updates to EDGAR (collectively referred to as “EDGAR Next”). Continue reading "SEC Publishes Rule Proposal to Enhance EDGAR..." »

On September 7th, the SEC’s Division of Corporation Finance indicated it may begin issuing comment letters to issuers concerning their XBRL disclosure documents. The Division has released a sample letter that a company may receive from the SEC once a company’s submitted filing is reviewed. The letter directs the issuer to revise or update their disclosure and respond to the SEC’s comments. Continue reading "SEC Publishes Sample Letter to Companies..." »

The Financial Accounting Standards Board (FASB) staff has released proposed technical and other conforming enhancements for the 2024 SEC Reporting Taxonomy and the related release notes for public review and comment. The proposed taxonomy enhancements include new elements related to disclosures about share repurchase programs and insurance and modified references changes which comprise a range of topics as part of the FASB staff's ongoing efforts to maintain current references for all of the elements. Continue reading "FASB Publishes Technical and Other Improvements..." »

The SEC staff has announced the upcoming EDGAR Filing Fee Beta, which will be open from October 2, 2023 through December 22, 2023. All filers (including accelerated filers) are invited to participate in this Beta, which will allow filers to test the technical and structured data features of the Filing Fee Disclosure and Payment Methods Modernization rule. The Filing Fee Beta environment also will give filers the opportunity to construct structured filing fee-related information using the new Fee Exhibit Preparation Tool that includes features including prompts, explanations, and automated calculations to produce a filing fee exhibit (EX-Filing Fees) in submission-ready format. Continue reading "SEC Provides Filers Opportunity to Participate..." »

The SEC has announced that it is adopting rule amendments to improve and standardize disclosures for cybersecurity risk management, strategy, governance, and incidents by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. In particular, the SEC is adopting rules and rule amendments that will require current disclosure about material cybersecurity incidents. Continue reading "SEC Adopts Rules on Public Company..." »

On July 17th, the SEC announced that it has released a draft version of the Shareholder Repurchase (SHR) XBRL Taxonomy and accompanying taxonomy guide. In May 2023, the SEC approved amendments to its rules to update and enhance transparency concerning repurchases of an issuer’s equity securities registered under the Securities Exchange Act of 1934. Continue reading "SEC Issues Draft 2023 Share Repurchase (SHR)..." »