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..." »

The XBRL US Data Quality Committee (DQC) will host a webinar to discuss the recently published 15th Ruleset, which is comprised of nine rules specific to US GAAP filers and IFRS filers. The virtual event will take place on Wednesday, May 12, 2021, from 2:00 p.m. to 3:00 p.m. EDT. This event allows the DQC the opportunity to review the impact of the rules on data quality reported through the SEC program and to clarify the new draft rules. Proposed Ruleset 15 covers a range of potential error types and will warn filers of possible problems within thousands of filings. These rules are designed to identify errors which range from incorrect use of certain axes to problems in the consistency of facts reported over time. {expires: 2021-05-13} Continue reading "XBRL US DQC to Host Webinar to Discuss Newest..." »

On April 20, 2021, XBRL US announced that it is requesting public review and comment on the fifteenth release of the Data Quality Committee (DQC) rules. The DQC is responsible for developing guidance and validation rules that can: 1) prevent or detect errors or inconsistencies in XBRL data filed with the SEC; and 2) reduce the negative impact on the timeliness and accuracy of reported financial information. {expires: 2021-06-01}
Continue reading "XBRL US DQC Releases Ruleset 15" »

XBRL US has announced that it will host an online workshop discussing the governance structure established by the Financial Accounting Standard Board (FASB) to ensure that investors, issuers, data intermediaries, and application providers are not only involved in the process of continuing taxonomy development, but also are apprised of changes in reporting requirements that will affect them. The remote event will take place on Wednesday, April 21, 2021, beginning at 3:00 p.m. EDT and will last approximately 60 minutes. {expires: 2021-04-22} Continue reading "XBRL US to Host Webinar Standards for..." »

The SEC upgraded the EDGAR system to Release 21.1 on March 22, 2021. The system now supports the 2021 reporting taxonomies, which are the final versions of the draft taxonomies that were posted by SEC staff for public comment on September 1, 2020.
Continue reading "SEC Announces 2021 XBRL Taxonomies Update" »

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..." »

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" »

The SEC has released a statement concerning inappropriate custom member use in XBRL pertaining to certain axes. The US GAAP reporting taxonomy has designated a limited set of permitted members for these axes. The SEC has observed that occasionally filers have inappropriately added custom members where they are not allowed. Continue reading "SEC Releases Statement about Inappropriate XBRL..." »

In 2019, the Federal Energy Regulatory Commission (FERC) revised its electronic filing format to incorporate structured data in the eXtensible Business Reporting Language (XBRL) format. As has been the case with other federal regulators, the move to adopt XBRL is being undertaken to modernize the reporting environment and increase efficiency in submitting and consuming data. Broad support across the industry also helped drive the action.
Continue reading "What Is the FERC XBRL Mandate?" »

On September 11th, 2020, the SEC announced that it has adopted the final rule for its update of statistical disclosures for bank and savings and loan registrants. The rule modifies required disclosures and classifies certain disclosures in a new Subpart 1400 of Regulation S-K. It reduces duplicative or overly similar disclosure items in other SEC rules and requirements in US GAAP and IFRS. It also replaces Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes are intended to help investors have access to more meaningful, relevant information about these registrants, which will facilitate their investment and voting decisions. Continue reading "SEC Announces Final Rule for Update of..." »