Administrator Isabella Guzman who leads the Small Business Administration (SBA), announced changes to streamline the process for small businesses to submit Work-in-Process information used in the SBA Surety Bond Guarantee program by leveraging machine-readable data standards (XBRL). The SBA Surety Bond Guarantee program backs surety bonds for small businesses wishing to submit qualified bids in […more]
September, 2022 XBRL US weighs in on technical aspects of the IFRS Sustainability Disclosure Taxonomy. The IFRS requested input on taxonomy groupings, use of dimensions, narrative information, modeling metrics and other topics. The XBRL US comment addressed IFRS staff recommendations on the [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and [Draft] […more]
The Small Business Administration (SBA) streamlined their Surety Bond Guarantee Program with XBRL automation. The head of the SBA, Administrator Isabella Casillas Guzman, noted in their release, “SBA’s Surety Bond Guarantees are critical for small businesses to be able to qualify, compete for, and complete major projects—including many of the improvement projects being funded as […more]
July, 2022 Michigan State appropriates funding for preparation and collection of local unit government disclosures in XBRL. House Bill 5783 was signed by Governor Whitmer and includes appropriations for fiscal years 2022 and 2023. The IT funding is to be used by Michigan State Treasury to develop an IT strategy focusing on machine-readable (XBRL) financial […more]
June, 2022 The University of Michigan (U-M) launches a public review of government financial data standards. Governments, standard setters, regulators and analysts are encouraged to review and comment on the Annual Comprehensive Financial Reporting (ACFR) Taxonomy, which represents seven financial statements and four notes, in addition to Michigan-specific reports that local entities submit along with […more]
May, 2022 With Memorial Day behind us, the start of Summer is right around the corner (officially June 21). Time for barbecues, picnics, heading to the beach… And this year, more rule proposals and final implementations with structured data requirements from the SEC! Two new SEC proposals focused on investment management filers were published in […more]
April, 2022 The XBRL US ESG Working Group announces publication of machine-readable corporate sustainability data. The working group, which is responsible for the paper, Supporting ESG Data with Standards, worked closely with Etsy, the company that operates two-sided online marketplaces matching millions of buyers and sellers around the world, and with Moody’s Corporation, the parent […more]
March, 2022 Environmental issues remain in the headlines! The SEC has published their long-awaited rule proposal on climate, Enhancement and Standardization of Climate-Related Disclosures, and conducted a special hearing to discuss and vote. The proposal, which passed by a vote of 3-1, establishes requirements for domestic and foreign registrants to disclose certain climate-related information in […more]
February, 2022 More rule proposals with structured data requirements from the SEC. This month the Securities and Exchange Commission published two new proposals that contained structured data requirements, both with comment period due dates of April 22, 2022. Cybersecurity Risk Management for Investment Advisors, Registered Investment Companies, and Business Development Companies proposes that registered investment […more]
January, 2022 XBRL US commented on FERC data collection of Forms 6 and 6-Q. Both forms are now required to be reported in XBRL format which renders the data machine-readable, improving the ability of the Commission to perform audits and reviews, and conduct research. It also enhances the usefulness of the data for the public […more]
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the business reporting standard
