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 Financial Accounting Standards Board (FASB) staff has issued guidance on how to implement Extensible Enumerations (EE) 2.0 in XBRL-formatted reporting. The implementation of EE 2.0 will begin with the 2021 US GAAP Financial Reporting and SEC Reporting (SRT) taxonomies. Continue reading "FASB Issues Guidance on Implementation 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 using the US GAAP financial reporting taxonomy. This analysis focuses on XBRL exhibits submitted by issuers complying with the 2009 Interactive Data rules pertaining to financial statements. The study covered exhibits submitted as part of Forms 10-K and 10-K/A filings from January 2017 to December 2019.
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The Financial Accounting Standards Board (FASB) has released a written question-and-answer (Q&A) document discussing topics relevant to financial disclosure related to the COVID-19 pandemic. The guidance and responses provided in the Q&A should not be extrapolated to other facts and circumstances not specifically discussed. Continue reading "FASB Releases Q&A on the Application of the..." »

The Financial Accounting Standards Board (FASB) has published Proposed Accounting Standards Update-Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities and the related release notes for public comment. The FASB has indicated that these changes to the accounting standards would not require any changes to the US GAAP Financial Reporting Taxonomy.
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With the release of EDGAR 20.1.1, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2020 taxonomy among other new taxonomies. Even though previous taxonomies are still accepted by EDGAR, it’s always a good practice to transition your SEC filings as soon as possible after the SEC accepts the new taxonomy year.
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The SEC Office of Structured Disclosure has announced that the 2012 and 2013 INVEST taxonomies will no longer be supported by EDGAR as of the EDGAR release currently scheduled for March 9, 2020. These taxonomies were intended for use in the voluntary filing program. The voluntary filing program has ended, so support for these taxonomies will be removed.

Continue reading "Removal of Investment Schedule (INVEST) Taxonomies" »

The Financial Accounting Standards Board (FASB) has published Proposed Improvements for Proposed Accounting Standards Update – Codification Improvements for public comment. The standard release notes are also included for review. The proposed improvement includes adding references for certain existing elements as well as adding elements for new accounting pronouncement disclosures.

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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.

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Staff at the Division of Economic and Risk Analysis (DERA) at the SEC have released an announcement regarding the use of certain XBRL elements for revenue disclosures. Filers that have adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) should be using the new elements related to this ASU to tag related revenue disclosures in their financial statements and notes. However, the staff has observed that filers instead are using outdated tags under the Accounting Standards Codification Topic 605, Revenue Recognition.

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XBRL US has posted a helpful Q&A on the new Inline XBRL (iXBRL) Cover Page tagging requirements for SEC filings.

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With the last EDGAR release, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2019 taxonomy among other new taxonomies. It’s always a good practice to transition your SEC filings as soon as possible when the SEC accepts the new taxonomy year.

Continue reading "What's New in UGT 2019" »

Version 4.26a of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR Release 19.1 and contains a number of improvements to Form N-CEN View, general EDGAR forms, and XBRL. Additionally, this version contains support for the US GAAP 2019 taxonomy.

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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.

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The XBRL US Center for Data Quality has published the seventh set of rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The seventh release of rules includes guidance for issuers using the US-GAAP taxonomies.

Continue reading "XBRL US Data Quality Committee Approves Seventh..." »