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 SEC has announced that it will release EDGAR 21.2 on Monday, June 21. This update will introduce multiple changes to the EDGAR filing website, as well as various changes to Form N-CEN and the introduction of the IFRS 2021 XBRL Taxonomy. Continue reading "SEC Announces EDGAR Release 21.2" »

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" »

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..." »

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" »

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..." »

The SEC’s Division of Economic and Risk Analysis (DERA) recently released its analysis of custom tag usage in financial filings submitted to the SEC. The analysis covered XBRL financial data submitted with Forms 20-F, 20-F/A, 40-F and 40-F/A from January 2017 to December 2019 by filers preparing their reports using International Financial Reporting Standards (IFRS), which is issued by the International Accounting Standards Board. The analysis focused on trends in filers’ use of custom tags in their XBRL financial data for these forms during the last three years in two categories: 1) Financial statements (F/S) only and 2) F/S and notes.
Continue reading "IFRS Trend Analysis 2019" »

XBRL US seeks public review and comment on version 11 of the Data Quality Committee (DQC) rules. The DQC rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The eleventh set of rules includes guidance for issuers using either the US GAAP or IFRS taxonomies.

Continue reading "XBRL US Releases Data Quality Committee Ruleset 11" »

The XBRL US Center for Data Quality has released the eighth set of rules and is seeking comment during a public exposure period ending February 1, 2019. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. This release includes rules for issuers using either the US-GAAP or IFRS taxonomies.

Continue reading "XBRL US Data Quality Releases Eighth Ruleset..." »

Last month, XBRL US introduced a free application program interface (API) standard as a Proposed Release. The API is designed to help programmers create, extract, and analyze XBRL formatted data. It is meant to be a standard that acts as a software intermediary, allowing applications to communicate with one another. Investors and analysts alike can use the XBRL API to gain access to and manipulate XBRL data, both historical data and data that is up-to-date. The API will work with any XBRL database or taxonomy.

Continue reading "XBRL US Introduces Proposed API Standard" »

On December 6th, the International Financial Reporting Standards (IFRS) Foundation released the IFRS Taxonomy 2018 – Proposed Update 2 General Improvements.

Continue reading "Proposed Changes to the 2018 IFRS Taxonomy" »

The SEC’s Division of Economic and Risk Analysis (DERA) recently analyzed XBRL exhibits submitted by issuers complying with the 2009 Interactive Data rules to file financial statement information in an XBRL format. The purpose of the analysis was to determine if IFRS (International Financial Reporting Standards) filers were being consistent with their use of custom tags with US-GAAP (US Generally Accepted Accounting Principles) filers during this first year of required XBRL filings.

Continue reading "SEC Trend Analysis for 2018: IFRS Custom Tag Rates" »

The IFRS Foundation has published a proposed update to the IFRS Taxonomy 2018, Common Practice (IFRS 13 Fair Value Measurement). This Proposed Update is one of multiple updates released throughout the year to reflect amendments to International Financial Reporting Standards. The updates can represent changes to common practice elements, taxonomy architecture, or annual improvements that may include refinements to taxonomy data models in order to support consistent tagging or improvements that better reflect presentation and disclosure requirements.

Continue reading "IFRS Foundation Proposes Update to the IFRS..." »