On November 3rd, the SEC’s Division of Economic and Risk Analysis (DERA) concluded its assessment of how filers label the elements used in tagging reported items on the income statement over multiple periods. Staff noted that some filers use various labels for the same element used to tag the same reported item on the income statement from one period to the next. This even occurred when the description of the reported item did not change. More specifically, filers used one label in a certain form (such as Form 10-Q) while using a different label for the same element in a different form (such as Form 10-K). For instance, the element “Revenue from Contract with Customer, Excluding Assessed Tax” should not use the label “Operating revenue” on Form 10-Q while using the label “Total operating revenue” on Form 10-K. Continue reading "SEC Releases Findings from Evaluation of..." »

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..." »

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)..." »

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..." »

On June 20, 2023, the SEC voted to reopen the comment period for its December 2021 proposal, Position Reporting of Large Security-Based Swap Positions, which provides the public an opportunity to comment on supplemental analysis and data added to the public comment file. The additional findings were compiled and released in a memorandum by the SEC’s Division of Economic and Risk Analysis (DERA). The proposed rule would require expeditious reporting to the SEC of any large security-based swap (SBS) positions that exceed certain thresholds. The original comment period for the proposed rule closed on February 4, 2022. Continue reading "SEC to Reopen Comment Period for Position..." »

On June 2nd, the SEC announced that Form N-CEN Data Sets are now available for download. Form N-CEN is used by all registered investment companies to file annual reports with the SEC, with the exception of face-amount certificate companies. The Form N-CEN Data Sets are extracted from the eXtensible Markup Language (XML) Form N-CEN submissions. The data is displayed without change from the “as-filed” submissions and in a flattened format to provide readily available data from registrants. Continue reading "SEC Announces Form N-CEN Data Sets Available..." »

On September 2nd, the SEC announced that the Insider Transactions Data Sets are available for download on sec.gov. Under Section 16 of the Securities Exchange Act of 1934, senior executives, directors, and 10%+ shareholders (also referred to as insiders) must make initial and ongoing filings pertaining to their company stock holdings. This also includes the requirement that insiders report most of their transactions in the company’s stock. Continue reading "SEC Publishes Insider Transactions Data Sets" »

On August 2nd, the SEC announced that the Form 13F Data Sets are now available for download. The Form 13F Data Sets provide the securities holding information required of institutional investment managers under Section 13(f) of the Securities Exchange Act of 1934. The securities holding information is also made accessible to the public in structured Form 13F filings with the SEC. The data is extracted from the XML-based section of public Form 13F submissions made in the SEC’s EDGAR system. Continue reading "SEC Announces Public Availability of Form 13F..." »

The SEC’s Division of Economic and Risk Analysis (DERA) has observed that some filers are not appropriately tagging disclosures about their finance lease liability, undiscounted future lease payments, and the excess amount of the undiscounted future lease payments over the finance lease liability (for example, imputed interest). DERA is providing guidance to filers to address some of this mistakes. Continue reading "SEC Provides Guidance Regarding Proper Tagging..." »