Updates

Posted Thursday, November 19, 2020

SEC Adopted Final Rule on MD&A – Opts Not to Require Structured Data

On November 19, the Securities and Exchange Commission adopted the final rule Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information. The final amendments do not require registrants to structure disclosures required by the amendments in a machine-readable format as we proposed in the XBRL US comment letter submitted. Our comment letter suggested […more]

Posted Tuesday, November 17, 2020

SEC Commissioner Lee “The Promise of Structured Data” at XBRL US Investor Forum

SEC Commissioner Allison Herren Lee gave a keynote presentation “The Promise of Structured Data: True Modernization of Disclosure Effectiveness” at the XBRL US Investor Forum: Ready for Anything – Using Data in Perilous Times.  Her speech focused on the importance of data quality (and notes the contribution to quality improvements made by the XBRL US […more]

Posted Tuesday, November 10, 2020

SEC Commissioner Lee on Standardized Sustainability Metrics From Financial Institutions

Keynote remarks from Securities and Exchange Commissioner Allison Herren Lee at PLI’s 52nd Annual Institute on Securities Regulation on November 5, addressed “Playing the Long Game: The Intersection of Climate Change Risk and Financial Regulation“.  Commissioner Lee noted in her talk: “… investors, asset managers responsible for trillions in investments, issuers, lenders, credit rating agencies, analysts, […more]

Posted Thursday, November 5, 2020

SEC Finalizes Amendments to Modernize Disclosure for Open End Management Investment Companies

The Securities and Exchange Commission published a rule proposal to the Federal Register, Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements, which aims to modernize the disclosure framework for open end management investment companies. […more]

Posted Thursday, November 5, 2020

SEC Announces IFRS Publishes Proposed Updates to IFRS Taxonomy 2020

The Securities and Exchange Commission announced that the IFRS Foundation has published a proposed update to the IFRS Taxonomy 2020 for public comment. The taxonomy updates address topics including earnings per share, employee benefits expenses and share-based payment expenses, as well as the effect of changes in foreign exchange rates. Comments should be sent directly […more]

Posted Thursday, November 5, 2020

SEC Announces FASB Public Review of XBRL US Data Quality (DQC) Rules Taxonomy

The Securities and Exchange Commission announced that the FASB has issued a proposed XBRL US Data Quality Committee (DQC) Rules Taxonomy, along with a Technical Guide on the US GAAP Taxonomy and the DQC Rules Taxonomy. Read the SEC announcement Visit the Taxonomy Read the FASB Technical Guide

Posted Wednesday, November 4, 2020

Newsletter for the Reporting Standard of Business and Government

October, 2020 SEC Commissioner Allison Herren Lee, and PwC Vice Chair Wes Bricker will provide keynote addresses at the XBRL US Investor Forum 2020, November 17-18, 2020. Commissioner Lee has been an outspoken advocate for transparency and greater accountability to help small business, increase diversity and improve access to information for investors. Wes Bricker, who […more]

Posted Saturday, October 31, 2020

Approved Validation Rules

Version 13.0.2 – Updated November, 2020

The Data Quality Committee released version 13 of freely-available rules and guidance in October.These 61 rules are automated checks that 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.

View company-specific data quality filing results and aggregated results for selected rules.

Posted Friday, October 23, 2020

Grants Taxonomies, Demonstration Release

The federal government has committed to adopting data standards to improve the way grants information is collected. In 2018, the Office of Management and Budget (OMB) began work to meet the goals of the President’s Management Agenda Cross-Agency Priority (CAP) Goal #8: Results-Oriented Accountability for Grants. And in 2019, Congress passed, and the President signed, […more]

Posted Friday, October 9, 2020

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]