Staff from the SEC’s Division of Economic and Risk Analysis (DERA) have published the trend of custom tag usage in XBRL submissions for financial reporting in accordance with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) from fiscal years 2018 through 2020. When the standard XBRL taxonomy does not provide an appropriate element to tag the disclosure, the SEC’s rules allow filers to create custom tags. This modification accommodates special circumstances in a filer’s particular disclosure, but the SEC has recognized that using custom tags could potentially decrease the comparability of inter-company data. For this reason, the SEC’s rules specify the limited circumstances under which a filer is permitted to create custom tags. Continue reading "SEC Releases Trend of Custom Tag Rates in XBRL..." »

The Financial Accounting Standards Board (FASB) staff has issued the XBRL US Proposed DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Also released is the accompanying Proposed Technical Guide. Both are available for public review and comment until September 23, 2021. {expires: 2021-09-24} Continue reading "FASB Releases Proposed DQC Rules Taxonomy and..." »

On July 15, 2021, XBRL US Data Quality Committee (DQC) released its 16th ruleset for a 45-day public review and comment period. The latest rule set is comprised of eight rules specific to US GAAP filers. {expires: 2021-08-01} Continue reading "XBRL US DQC Releases Ruleset 16" »

The Financial Accounting Standards Board (FASB) recently released a proposed XBRL Taxonomy Implementation Guide for Financing Receivable and Current Expected Loss (CECL) disclosures. This guide is based on and in accordance with the SEC Reporting Taxonomy and the US Generally Accepted Accounting Principles Financial Reporting (US GAAP) Taxonomy. The proposed Implementation Guide provides illustrations of disclosures concerning financing receivables pursuant to FASB Accounting Standards Codification, Topics 310, Receivables, and 326, Financing Instruments–Credit Losses. Elements for text blocks, policy text blocks, and table text blocks (Levels 1-3) are not included in the Guide. The publication places focus on detail tagging only (Level 4). {expires: 2021-07-27} Continue reading "FASB Publishes Taxonomy Implementation Guide..." »

Following its upgrade to Release 21.2, the EDGAR system began supporting the 2021 International Financial Reporting Standards (IFRS) Taxonomy. The 2021 IFRS Taxonomy is consistent with that of the International Accounting Standards Board which was made available on the its website on March 24, 2021. Continue reading "SEC Issues XBRL Taxonomy Update" »

The FERC staff will host a webinar to discuss matters relative to the potential risk to electric system reliability posed by climate change and extreme weather events. The event will take place on Tuesday, June 1, 2021, and Wednesday, June 2, 2021, from 1:00 p.m. – 5:00 p.m. ET. FERC Commissioners may attend and participate in the technical conference. Continue reading "FERC to Host Conference to Discuss Climate..." »

The Financial Accounting Standards Board (FASB) has recently issued proposed updates to the US GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy related to the proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Method. The proposed revisions to the taxonomies will include: 1) new elements, 2) newly added references to transition elements, 3) modified documentation and standard labels, 4) element deprecations, and 5) reference deletions. {expires: 2021-07-06}
Continue reading "FASB Proposes Revisions for Future Taxonomies..." »

A patch has been released to correct some issues with the version 5.8a of the GoFiler products. This release will correct a problem where a dialog box would remain open after validating a project that contained an iXBRL document. It also improves the handling of mixed data types when changing between the US GAAP 2020 and US GAAP 2021 taxonomies.

Continue reading "Recommended Software Update for iXBRL and XDX..." »