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}
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The SEC has released EDGAR 21.1.3.u1, which contains changes related to Form MA. Because these changes are limited in their scope, they are being addressed in a software update to the GoFiler software suite that is outside the normal release cycle. In order to obtain this patch, you will need to use the Updater.exe file within the application installation directory. Users who are filing Form MA before the regular software update are encouraged to download and install the patch. Continue reading "Recommended Software Update for Form MA Filers" »

The SEC has announced that on May 19, 2021 it will release EDGAR 21.1.3.u1.
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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.

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On May 7, 2021, the SEC announced that it has approved the registration of its initial security-based swap data repository (SDR). With recent registration of DTCC Data Repository (US), LLC (DDR), the security-based swap market now has the first SDR (pursuant to Section 13(n)(1) of the Securities Exchange Act of 1934) capable of accepting transaction reports. DDR will operate as a registered SDR for security-based swap transactions in the interest rate, equity, and credit derivatives asset classes. Continue reading "SEC Approves Registration of First..." »

Version 5.8a of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR 21.1.3 and contains improvements and corrections for Page View, XDX, iXBRL and XBRL View. Additionally, changes were made to correct issues with Forms ATS-N, N-PORT, N-CEN, and C.

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On May 5, 2021, the SEC announced that its Office of the Advocate for Small Business Capital Formation will host the 40th Annual Government-Business Forum on Small Business Capital Formation. The forum will feature inclusive conversations on capital formation from startup to small cap. The remote forum will take place from May 24-27, 2021, with each day’s session beginning at 1:00 p.m. EDT and lasting 90 minutes. The virtual event will highlight how entrepreneurs play a vital role in the capital market’s ecosystem by providing jobs, fostering innovation, and supporting communities. The discussions will feature a diverse group of panelists comprised of entrepreneurs, businesses, and their investors, all with in-depth knowledge of the issues facing small businesses across the country. {expires: 2021-05-28} Continue reading "SEC Announces Virtual 2021 Small Business Forum" »

The SEC has announced that its Philadelphia Regional Office, in cooperation with the United States Attorney’s Office for the Western District of Pennsylvania, the FBI, and the Allegheny County Area Agency on Aging, will hold an online outreach event especially for American seniors. Representatives from each agency will discuss the importance of older adults being informed consumers with an emphasis on how seniors can protect themselves from becoming victims of financial fraud. {expires: 2021-05-13} Continue reading "SEC Collaborates with Agencies to Host Virtual..." »

The SEC has announced that it will release EDGAR 21.1.3 on May 10, 2021. Continue reading "SEC Announces Changes Related to EDGAR Release..." »

On April 22, 2021, the SEC announced that, pursuant to the Paperwork Reduction Act of 1995, it has proposed a collection and comment request on the existing collection of information set forth in Rule 17g-7 under the Securities Exchange Act of 1934. The SEC will submit this existing collection of information to the Office of Management and Budget (OMB) for extension and approval.
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The SEC has announced that its Small Business Capital Formation Advisory Committee will hold a remote meeting in which Committee members will discuss measures to increase access to capital for underrepresented founders and investors. The free online event will take place on Friday, April 30, 2021, from 10:00 a.m. to 2:30 p.m. EDT and will be presented live via webcast on sec.gov for public viewing. The meeting will be archived and available on the SEC’s webpage for later viewing. {expires: 2021-05-01} Continue reading "SEC’s Small Business Capital Formation Advisory..." »

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}
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On April 16, 2021, the SEC reopened the comment period on the proposed rules pertaining to the use of universal proxy cards in all non-exempt solicitations for contested director elections. Given the changes to the economic landscape concerning investing and universal proxy handling over the last few years, the SEC is interested in allowing the public to offer additional views.
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On April 19, 2021, the SEC announced that its New York and San Francisco regional offices will co-host an event to discuss the experiences of tech entrepreneurs of color when raising capital for businesses and to give business founders an opportunity to learn more about the resources the SEC provides. The webcast will take place on Tuesday, April 27, 2021, from 4:00 to 5:30 p.m. ET. The event is open to the public and may be attended via live telecast. {expires: 2021-04-28} Continue reading "SEC’s Regional Offices to Co-Host Webcast..." »