Updates

Posted Monday, November 12, 2018

Approved Guidance & Validation Rules

In October, 2018, the Data Quality Committee – a collaborative of public companies, providers and data users working to improve standardized financial reporting – approved version 7 of freely-available rules and guidance to help filers using US GAAP and IFRS Taxonomies supported by the US Securities and Exchange Commission detect and resolve inconsistencies or errors in XBRL-formatted financial data.

Posted Thursday, November 1, 2018

XBRL US Announces RDG Filings 2019 Support for Center for Data Quality

XBRL US announced today that RDG Filings, a full service XBRL preparation and provider of disclosure management tools, has renewed their membership in the XBRL US Center for Data Quality for 2019. The Center for Data Quality is an industry-driven collaborative with a mission to address the public’s concerns about the quality and usability of […more]

Posted Wednesday, October 31, 2018

SEC Rule Proposal on Variable Annuity and Variable Life Insurance Contracts Includes Inline XBRL

The Securities and Exchange Commission published a rule proposal on “Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts” that would require the use of Inline XBRL. The proposal notes: “We are proposing to require the use of the Inline XBRL format for the submission of certain required disclosures in […more]

Posted Tuesday, October 30, 2018

XBRL US Responds to SEC Request for Comment on Fund Retail Investor Experience

XBRL US submitted a letter in response to the SEC’s Request for Comment about the Fund Retail Investor Experience. Thanks goes to our members who joined a short-term working group to discuss and prepare the letter. The letter explains the benefits of data standards and in particular, how they benefit retail investors: “While few retail […more]

Posted Tuesday, October 23, 2018

SEC Commissioner Kara Stein Speech on “Improving Information for Investors in the Digital Age”

SEC Commissioner Kara Stein gave an address to the Council of Institutional Investors named “Improving Information for Investors in the Digital Age”. Here are some notable quotes from the Commissioner: …Just a few weeks ago, a group of institutional investors, asset managers, state treasurers, and others petitioned the SEC. They asked the Commission to require […more]

Posted Thursday, October 18, 2018

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]

Posted Wednesday, October 17, 2018

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]

Posted Thursday, October 11, 2018

The Calcbench Insider: October 2018

In this issue:

• Our first webinar featured guest Marc Siegel, former member of the Financial Accounting Standards Board
• Calcbench Cool Insights
  Unremitted foreign earnings, where are you?
  Exchange rate effects on cash.
• Geeking Out on the Filings
  Campbell Soup gets squeezed.
  Disclose your movie plans.
  Thoughts on structured data.

Posted Thursday, October 4, 2018

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]

Posted Tuesday, October 2, 2018

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]