The GREAT Act (H.R. 150) unanimously passed the House of Representatives in the 116th Congress. The GREAT (Grants Reporting Efficiency and Agreements Transparency) Act calls for the creation of a comprehensive and standardized data structure (“taxonomy”) covering all reported federal grant and assistance data. Read the bill.
News from XBRL International
- XBRL Mandates Around the World - April 12, 2019
- UK Considers XBRL for Branch Returns - April 12, 2019
- SEC Releases Digital Assets Framework - April 12, 2019
- IASB Sticks To Knitting - April 12, 2019
- GRI Argue ESG Info is Crucial for Investors - April 12, 2019
- XBRL Taxonomy Update, March 11, 2019 - March 12, 2019
- Proposed Update to Future* U.S. GAAP Financial Reporting Taxonomy - March 6, 2019
- Proposed Updates to Future* U.S. GAAP Financial Reporting Taxonomy – 1) Financial Instruments-Credit Losses and 2) Business Combinations - February 15, 2019
- SEC Interactive Data Test Suite Update 50-190213 - February 14, 2019
- No Proposed Update to U.S. GAAP Financial Reporting Taxonomy – Intangibles, Business Combinations and Not-for-Profit - February 1, 2019
From the Federal Register
- Securities Offering Reform for Closed-End Investment Companies - April 10, 2019
- FAST Act Modernization and Simplification of Regulation S-K - April 2, 2019
- Adoption of Updated EDGAR Filer Manual - April 1, 2019
- Inquiry Regarding the Commission's Electric Transmission Incentives Policy - March 28, 2019
- Commission Information Collection Activities (FERC Form No. 60, FERC-61, and FERC-555A); Consolidated Comment Request; Extension - March 20, 2019
The Federal Energy Regulatory Commission (FERC) posted a proposal to require the use of XBRL for reporting Commission Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 for utilities. The proposal is out for a 30 day comment period which ends March 6, 2019. Read the proposal.
XBRL US white paper “XBRL US Center for Data Quality, an industry initiative for the common good”, details timeline, milestone and accomplishments to date including significant reduction in errors, greater engagement with regulators and expanding usage of XBRL data.
The Open (Open, Public, Electronic and Necessary) Government Data Act passed. The goal of the bill is to improve data portability, openness, and transparency without specifying certain formats or technology. It defines open data, creates minimal standards for making federal government data available to the public, requires the federal government to use open data to […more]
8th Ruleset published for public review and comment period The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 7th Ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for […more]
In October 2018, the United States Securities and Exchange Commission published a rule proposal on Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts with comments due by March 15, 2019. Demonstration Release Taxonomy (.zip) If the proposal is passed as currently written, it will require variable contract registrants to […more]
XBRL US has submitted a comment letter responding to the SEC request for comment on the List of Rules to be Reviewed Pursuant to the Regulatory Flexibility Act. The Regulatory Flexibility Act requires a 10-year review of rules that may impact small businesses. Rules included in the list pertaining to XBRL are: Interactive Data to […more]
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements. The 2019 SRT contains updates for the SEC’s authoritative literature in which the underlying recognition and measurement are not specified by GAAP and dimensional elements whose underlying recognition and measurement are not specified by GAAP but that are elements used by GAAP filers.
Today, the SEC published a request for comment on the nature, content, and timing of earnings releases and quarterly reports made by reporting companies, with an eye towards reducing the burden on public companies while at the same time enhancing the value of the disclosures to investors. Areas they seek to address include: The nature […more]
In the current public exposure period of rules and guidance for public company filers, the Data Quality Committee (DQC) seeks comment on version 8 of the DQC Rules for Extension Members for US GAAP and IFRS filings and Negative Values for IFRS filings only through Friday, February 1, 2019.