US SEC says

SEC Launches FinHub for Innovation and Financial Technology

SEC Launches Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC’s FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. FinHub activities include: 1) Provide a portal for industry and the public […more]

IFRS Foundation Proposes Updates to IFRS Taxonomy 2018

IFRS Foundation Proposes Updates to IFRS Taxonomy 2018, Requests Comment During a Public Review. The Proposed Update includes common reporting practice for disclosure requirements in IFRS 13, such as: 1) sensitivity of fair value measurement to changes in unobservable inputs; and 2) quantitative information about significant unobservable inputs used in fair value measurement. The public comment […more]

Data Quality Committee Joint Meeting with SEC Staff

1:00 PM EDT Wednesday, October 10, 2018
XBRL US Meeting

The XBRL US Data Quality Committee meets periodically with the staff of the SEC to discuss issues relating to the use of XBRL data. The purpose of the following highlights is to summarize the issues discussed at the meetings. These highlights do not represent official positions of the XBRL US Data Quality Committee. In addition, […more]

SEC Updates Interactive Data Test Suite

The Securities and Exchange Commission’s interactive data test suite has been updated. Comments on the test suite may be submitted via email to StructuredData@sec.gov indicating “Interactive Data Test Suite” in the subject field. The purpose of the public test suite is to assist filers using software to validate Interactive Data prior to its submission to EDGAR. The test […more]

SEC Proposes Rule on Disclosures About Guaranteed Securities

The Securities and Exchange Commission proposed a rule on Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities. The Commission is looking for comment on this proposal within 60 days of October 2, 2018, the date of publication of the proposal in the Federal Register. The proposal […more]

SEC Commissioner Stein on Data & Technology

On September 27, 2018, SEC Commissioner Kara Stein gave a speech at Georgia State University School of Law titled “From the Data Rush to the Data Wars: A Data Revolution in Financial Markets” which focused on the importance of data and technology. Below is an excerpt from the speech. “Slowly but surely, the Commission is […more]

SEC Emphasizes Data Quality in EDGAR Release 18.3

The SEC has released a draft of the EDGAR Filer Manual (EFM) to reflect changes in the new EDGAR Release 18.3 which is scheduled to be published October 1, 2018. An update to the EFM test suite will be published soon with new test cases. While a number of changes have been made to the […more]

SEC Final Rule on Disclosure Update and Simplification

The Securities and Exchange Commission (SEC) finalized their rule on Disclosure Update and Simplification. The rule proposal was introduced on July 13, 2016 and XBRL US submitted a comment letter. A review of the final rule indicates that there are no near-term changes to what is required to be XBRL tagged by issuers. There are […more]

SEC EDGAR Upgraded to Release 18.2, Supports 2018 IFRS Taxonomy

On July 9, 2018, the SEC upgraded the EDGAR system in Release 18.2 to support the 2018 IFRS Taxonomy. The EDGAR system no longer supports the 2016 US GAAP, 2013 DEI, 2009 DEI, 2016 EXCH, and 2010 Risk-Return taxonomies. The EDGAR system currently supports the 2018 US GAAP, 2018 SEC Reporting (SRT), 2018 DEI, 2018 […more]

SEC Approves Rule Requiring Inline XBRL for Operating Companies and Mutual Funds

On June 28, 2018, the SEC approved, in a 4 to 1 vote, a final rule transitioning operating companies and funds to Inline XBRL. The SEC also noted that XBRL will continue to be part of disclosure controls and procedures and that there is no change in assurance requirements (XBRL is not subject to assurance). […more]