On September 7th, the SEC’s Division of Corporation Finance indicated it may begin issuing comment letters to issuers concerning their XBRL disclosure documents. The Division has released a sample letter that a company may receive from the SEC once a company’s submitted filing is reviewed. The letter directs the issuer to revise or update their disclosure and respond to the SEC’s comments. Continue reading "SEC Publishes Sample Letter to Companies..." »

The Financial Accounting Standards Board (FASB) staff has released proposed technical and other conforming enhancements for the 2024 SEC Reporting Taxonomy and the related release notes for public review and comment. The proposed taxonomy enhancements include new elements related to disclosures about share repurchase programs and insurance and modified references changes which comprise a range of topics as part of the FASB staff's ongoing efforts to maintain current references for all of the elements. Continue reading "FASB Publishes Technical and Other Improvements..." »

The SEC released drafts of the 2024 updates to its reporting taxonomies on September 7th, including updates within the annual review and update process for all SEC taxonomies accepted in the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The Draft 2024 Release Notes provide more information related to specific changes in the 2024 update. Continue reading "SEC Publishes 2024 Draft Taxonomies" »

The SEC’s Division of Economic and Risk Analysis (DERA) has announced that it has concluded its assessment of the way filers are tagging write-offs for their credit quality indicator disclosures in their Form 10-K and their allowance for credit loss. The assessment was conducted only on those filers that have financing receivables and follow Accounting Standards Codification (ASC), Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, a set of accounting standards that modernized the way entities measure credit losses on financial instruments published by the Financial Accounting Standards Board (FASB) in March 2022. Continue reading "SEC Issues Findings on Tagging Allowance for..." »

The SEC has announced that it is adopting rule amendments to improve and standardize disclosures for cybersecurity risk management, strategy, governance, and incidents by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. In particular, the SEC is adopting rules and rule amendments that will require current disclosure about material cybersecurity incidents. Continue reading "SEC Adopts Rules on Public Company..." »

XBRL US will host a conference this November in Washington, DC to discuss the passage of legislation related to the Financial Data Transparency Act (FDTA) and the Grants Reporting Efficiency and Transparency (GREAT) Act. XBRL US will address the ways governments can learn about data standards and how they increase efficacy and modernize financial reporting. The event will also feature case studies related to federal standards programs implemented by the SEC, the FERC, and the Federal Deposit Insurance Corporation (FDIC). Continue reading "XBRL US Opens Registration for GovFin 2023:..." »

On July 17th, the SEC announced that it has released a draft version of the Shareholder Repurchase (SHR) XBRL Taxonomy and accompanying taxonomy guide. In May 2023, the SEC approved amendments to its rules to update and enhance transparency concerning repurchases of an issuer’s equity securities registered under the Securities Exchange Act of 1934. Continue reading "SEC Issues Draft 2023 Share Repurchase (SHR)..." »

On July 17th, the SEC announced that its staff has issued its first semi-annual report to Congress concerning the public and internal use of machine-readable data for corporate disclosures. Continue reading "SEC Staff Issues First Semi-Annual Report to..." »

In June 2023, the SEC published its first required semi-annual report to Congress regarding public and internal use of machine-readable data for corporate disclosures, in compliance with the Financial Data Transparency Act of 2022 (FDTA) signed into law on December 23, 2022. The FDTA requires the SEC to submit this report to both the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives every 180 days until December 23, 2029, when the provision requiring the report concludes. Continue reading "SEC Submits Report to Congress on Public and..." »

Novaworks will host a free webinar to show filers in the utilities and energy industries a simple, fast and cost-effective way to prepare and submit Form 6-Q to the FERC in the required XBRL format. The event will be held Wednesday, July 12, 2023, from 2:00 p.m. — 3:00 p.m. ET. You can register here. Space is limited, so reserve your spot today! Continue reading "Novaworks to Host Free Webinar on Filing Form..." »

The SEC's Division of Economic and Risk Analysis (DERA) has observed that filers are using tags associated with accrual items related to operating activities as presentation child elements on certain Forms 10-K and 10-Q and has offered guidance to more correctly tag these items. Continue reading "SEC Offers Guidance Regarding Correct Usage of..." »

The Financial Accounting Standards Board (FASB) staff has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU), which addresses stakeholder concerns regarding comparability and complexity related to purchased financial assets. Continue reading "FASB Staff Issues Proposed GAAP Taxonomy..." »

XBRL US’ Data Quality Committee (DQC) will host an online meeting for industry leaders to discuss plans to implement rules and guidance for public companies complying with the SEC’s XBRL requirements. The 90-minute webinar will take place on Thursday, July 6, 2023 and will begin at 12:00 p.m. ET. {expires: 2023-07-07} Continue reading "XBRL US Staff to Host Data Quality Committee..." »

On June 20th, the SEC updated the EDGAR system to Release 23.2, and the system now supports multiple new XBRL taxonomies, including the 2023 version of the International Financial Reporting Standards (IFRS) taxonomy, the Resource Extraction Payments (RXP) taxonomy, and the Open-End Fund (OEF) taxonomy. These taxonomies are now also supported in the GoFiler Suite. Continue reading "SEC Issues June 2023 XBRL Taxonomies Update" »

The SEC has released its draft of the EDGAR® Filer Manual, Volume II: “EDGAR Filing” (Version 66). This draft Volume II of the EDGAR Filer Manual is accessible to filers in anticipation of feedback and to help issuers prepare for potential updates to the EDGAR system detailed in the draft and scheduled to be introduced in EDGAR Release 23.2 on June 20, 2023. Continue reading "SEC Releases New Draft EDGAR Filer Manual for..." »