The SEC has released draft 2020 updates to its taxonomies for public comment. The Commission encourages filers, investors, analysts, software service providers, and other interested parties to review proposed updates in an effort to continue to improve the process for creating and using XBRL structured financial statements.

The SEC is issuing new interpretation and guidance concerning proxy rules which were promulgated by Section 14 of the Securities Exchange Act of 1934. This new guidance is the result of the SEC examining proxy voting advice provided by proxy advisory firms as possible solicitations under the federal proxy laws. In addition, the SEC has considered public comments on a variety of issues related to the proxy voting process, from numerous public concept releases to a 2018 Roundtable that invited the public to provide feedback on the use of proxy advisory firms and their activities.

The SEC announced the first fee rate advisory for 2020 on August 23, which will take effect on October 1, 2019. Under this new rate, the fees that public companies and other issuers pay to register their securities with the SEC will be set at $129.80 per million dollars, an increase from $121.20 per million dollars.

On August 20th, the SEC staff released a group of Compliance and Disclosure Interpretations (CD&Is) concerning the interactive data rules, including new interpretations regarding inline XBRL. This article contains a summary of the CD&Is, organized by topic groups as well as a list of the new questions and answers that were released on August 20th.

Version 5.0c of all applications in the GoFiler Suite has been released. This release contains a number improvements and corrections to Page View, iXBRL View, and XDX View, including improvements to the automatic cover page tagging for inline XBRL. Various EDGAR form improvements have also been made.

On August 8th, the SEC proposed amendments that would modernize some of the descriptions and disclosures that registrants are required to make pursuant to Regulation S-K. These changes should improve disclosures for investors and simplify compliance efforts for registrants.

The XBRL US Data Quality Committee (DQC US) has approved new validation rules to aid public companies in detecting inconsistencies and errors in their XBRL-formatted financial data. These rules identify potential problems, including incorrect negative values, improper relationships between elements, and incorrect data associated with certain data. The new rules, which are listed below, were approved after publication as a draft and with consideration of public comments.

Both GoFiler Complete and GoXBRL have the tools necessary to create EDGAR filings in Inline XBRL. The process is the same in both applications and involves adding XBRL financial data to an HTML document using a patented technology called XDX. With XDX, you can add XBRL information to different types of HTML blocks which is then processed by the software to create EDGAR compliant XBRL.