Updates

Posted Friday, July 8, 2022

Newsletter for the Reporting Standard of Business and Government

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]

Posted Wednesday, July 27, 2022

XBRL US Comments on FASB Q3 Supplemental GAAP Taxonomy

XBRL US commented on the Financial Accounting Standards Board (FASB) Q3 Supplemental GAAP Taxonomy which contains concepts to help Business Development Companies (BDC) meet their new tagging requirements in addition to other improvements. Review the FASB Announcement about the public comment  period. Read the XBRL US letter:XBRL US Comment on FASB Q3 Supplemental GAAP Taxonomy, […more]

Posted Wednesday, July 20, 2022

Three New Data Quality Rules for US GAAP Filers from XBRL US DQC

Investment Schedule Guidance also published for public review The XBRL US Data Quality Committee (DQC) has published its 19th Rule Set for a 45-day public review and comment period, which closes on September 1, 2022. The freely available DQC rules are developed through a collaborative process with stakeholders by exposing proposed guidance and validation rules […more]

Posted Thursday, July 14, 2022

XBRL US Comments on SEC Proposal on Recovery of Erroneously Awarded Compensation

XBRL US submitted a comment letter responding to the SEC reopened proposal on Listing Standards for Recovery of Erroneously Awarded Compensation. This proposal was originally proposed in 2015. On the SEC Agency Regulatory List, this proposal is expected to be finalized by October of this year. In our letter, we agreed with the SEC proposal […more]

Posted Friday, July 8, 2022

June 2022 Newsletter

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]

Posted Wednesday, July 6, 2022

XBRL US Comments on SEC Data Collection of Form N-MFP

XBRL US submitted a comment letter in response to the Securities and Exchange Commission (SEC) notice of information collection for Form N-MFP, the Monthly Report for Money Market Funds. Today this form, which details disclosure items related to portfolio holdings, including daily and weekly facts, is required to be reported in XML format. Our letter […more]

Posted Friday, July 1, 2022

FASB Announces Public Review of 2022 Q3 Supplemental GAAP Taxonomy

The Financial Accounting Standards Board (FASB) announced the public review and comment period for the 2022 Q3 Supplemental GAAP Taxonomy. This taxonomy contains elements to help Business Development Companies (BDC) meet their new tagging requirements in addition to other improvements. The taxonomy is out for public review through August 1, 2022. Review the FASB Announcement […more]

Posted Thursday, June 30, 2022

SEC Publishes Agency Rule List

The Securities and Exchange Commission (SEC) published their Agency Rule List – Spring 2022 which covers rules in final and proposed stage. Final Action dates noted for certain rules important to XBRL providers include:   Share Repurchase Disclosure Modernization Oct 2022 Shortening the Securities Transaction Settlement Cycle Oct 2022 Pay versus Performance Oct 2022 Erroneously […more]

Posted Friday, June 17, 2022

XBRL US Comments on SEC Proposal RE: Climate-Related Disclosures for Investors

XBRL US submitted a comment letter in response to the SEC proposal on The Enhancement and Standardization of Climate Related Disclosures for Investors. Our comment letter supported the proposal requirements to prepare ESG data in Inline XBRL format to improve the consistency and usability of reported data. Key points raised in the letter include: Academic […more]

Posted Wednesday, June 15, 2022

Point of View

XBRL Case Study: Are Big Companies Paying Their Fair Share?
Christine Cheng, Assistant Professor, Patterson School of Accountancy at University of Mississippi, and Campbell Pryde, President and CEO of XBRL US

Controversial questions require the right dataset. High quality, timely data makes analysis more relevant to students.