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..." »

With the release of EDGAR 20.3, changes will be made to the way in which filers can redline revisions in their submissions to the EDGAR system. These changes allow for revisions within Inline XBRL. Existing revision tags have historically been placed loosely around text that has been altered to indicate the revision. In addition, broken character entities, &ltR&gt and &lt/R&gt, could be used in place of tags. Neither of these methods are acceptable for Inline XBRL filings since they both violate that format’s rigid XHTML requirements.

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On September 1, 2020, the Financial Accounting Standards Board (FASB), the organization responsible for the ongoing development and maintenance of the SEC Reporting Taxonomy (SRT), announced proposed technical enhancements for the 2021 SEC Reporting Taxonomy. The planned improvements were published in a set of release notes that describe the proposed upgrades, which were designed to improve the overall functionality of the SRT. Continue reading "FASB Holds Public Review for Tech Enhancements..." »

On August 12, 2020, XBRL US posted a webinar entitled “Roadmap to Building Successful Financial Data Standards”. The webinar was presented by Scott Theis, Chair of the XBRL US Domain Steering Committee, and Campbell Pryde, President and CEO of XBRL US. Continue reading "XBRL US Webinar Introduces Published First..." »

XBRL US seeks public review and comment on thirteenth release of the Data Quality Committee (DQC) rules. The goal of the DQC rulesets is to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. Continue reading "XBRL US DQC Releases Ruleset 13" »

On July 17th, the Federal Energy Regulatory Commission (FERC) finalized its proposed XBRL reporting taxonomy. FERC announced it would adopt a structured data approach to its regulatory reporting system on June 20, 2019. In addition to the taxonomy, the agency has adopted protocols, an implementation guide, and other supporting documents, all of which are available on FERC’s eCollection website.
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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. The analysis covered XBRL financial data submitted with Forms 20-F, 20-F/A, 40-F and 40-F/A from January 2017 to December 2019 by filers preparing their reports using International Financial Reporting Standards (IFRS), which is issued by the International Accounting Standards Board. The analysis focused on trends in filers’ use of custom tags in their XBRL financial data for these forms during the last three years in two categories: 1) Financial statements (F/S) only and 2) F/S and notes.
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Under the leadership of Scott Theis, the XBRL US Domain Steering Committee (DSC) published the first release of the XBRL Taxonomy Development Handbook (TDH). Developed over a two-year period, the TDH provides an in-depth roadmap to building effective structured data reporting systems. The handbook covers the fundamentals of the XBRL specification, data modeling and translating models to XBRL, assessing project scope, creating an appropriate data model to support reporting requirements, the mechanics of building the taxonomy, best practice in establishing a governance structure, and documenting the program to aid XBRL preparers and consumers.
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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..." »

Starting with their first 10-Q filed for a fiscal period ending on or after June 15, accelerated filers will be required to submit interactive data using Inline XBRL. Included in this transition are requirements, adopted by the SEC in March 2019 as part of the FAST Act Modernization and Simplification of Regulation S-K, to tag additional information that is visible on the cover page of Form 10-Q, Form 10-K and Form 8-K.

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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" »