XBRL US Letter to SEC COO on SEC Proposal on Fee-Based Filing Pilot

The XBRL US Regulatory Modernization Working Group, led by chair John Truzzolino, sent a letter to the SEC COO Kenneth Johnson to make suggestions related to the establishment of a pilot program for the SEC proposal on Filing Fee Disclosures and Payments Modernization. Suggestions made include allowing vendors access to an EDGAR testing system prior […more]

SEC Finalizes Amendments to Modernize Regulation S-K Items 101, 103, and 105

The Securities and Exchange Commission adopted amendments to modernize Regulation S-K Items 101, 103, and 105 which cover the description of business, legal proceedings, and risk factor disclosures with a goal to improve the readability of disclosure documents and discourage repetition and disclosure of information that is not material. The Commission opted against taking the […more]

XBRL US Comments on SEC Proposal on Administration of EDGAR System

XBRL US submitted a comment letter to the SEC responding to their proposal, Administration of the EDGAR System. The proposal sought feedback on SEC actions that may be taken to promote the reliability and integrity of EDGAR submissions. They named triggering events that could result in SEC actions such as redacting information from a filing, removal […more]

SEC Proposes Structured Data Disclosures for Alternative Trading Systems (ATS)

The Securities and Exchange Commission published a proposal rule: Regulation ATS for ATSs that Trade U.S. Government Securities, NMS Stock, and Other Securities; Regulation SCI for ATSs that Trade U.S. Treasury Securities and Agency Securities; and Electronic Corporate Bond and Municipal Securities Markets. The rule would require filers to submit forms ATS-G, ATS, and ATS-R […more]

XBRL US Comments on SEC Reporting Threshold for 13F Filers

XBRL US submitted a comment letter to the SEC responding to their proposal, Reporting Threshold for Investment Managers. The proposal seeks to revise the disclosure requirement thresholds for investment managers filing Form 13F data to increase the reporting threshold from $100 million where it is today, to $3.5 billion. Today, 13F data is submitted to […more]

SEC Final Rule: Update of Statistical Disclosures for Banks and S&L Registrants

The Securities and Exchange Commission (SEC) published the final rule for Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The rule amends disclosures required to be reported, and codifies certain disclosures in a new Subpart 1400 of Regulation S-K. The original proposed rule asked whether the disclosures should be included in the […more]

SEC Publishes Draft 2021 SEC Taxonomies for Public Review

The Securities and Exchange Commission published the draft 2021 SEC Taxonomies. The draft taxonomies are out for a public review and comment period to end November 2, 2020.

XBRL US Comment on SEC Draft Closed-End Fund Taxonomy

XBRL US  submitted a comment letter in response to the SEC’s draft Closed-End Fund (CEF) Taxonomy which has been prepared to support the SEC rule for Securities Offering Reform for Closed-End Investment Companies. We recommended that the Commission: Rely on the XBRL International Data Type Registry in determining data types. Consider structuring the DEI Taxonomy, […more]

Newsletter for the Reporting Standard of Business and Government

September, 2020 College Of DuPage leads move to electronic financial reporting for Illinois community colleges. The forward-thinking college worked with XBRL US to prepare their own financial statements in XBRL format, using the CAFR Taxonomy, and plans to create a data repository containing electronic financials for other Illinois-based community colleges. Oakton Community College, based in […more]

August 2020 Newsletter

August, 2020 The Financial Accounting Standards Board (FASB) published EE 2.0 impact on XBRL service providers and software. The impact study, called Extensible Enumerations 2.0 Implementation Impact on Service Providers and XBRL Creation Software – Are You Ready?, addresses the implementation of this new XBRL International technical specification in the 2021 US GAAP Taxonomy. Providers […more]