XBRL US submitted a letter to the Securities and Exchange Commission commenting on their request to the Office of Management and Budget (OMB) to extend their current data collection process for Form N-CEN. Form N-CEN is required to be reported by investment companies using a custom XML schema. Form N-CEN contains a limited amount of […more]
Items tagged with "advocacy"
XBRL US submitted a comment letter to the SEC’s Office of Structured Disclosure providing input on the draft VIP Taxonomy which will be used by variable annuity and variable life insurance companies to comply with the SEC’s recently finalized rule on Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts. […more]
XBRL US commented on a Commodity Futures Trading Commission (CFTC) proposal on Swap Data Recordkeeping and Reporting Requirements. The goal of the proposal is to streamline the requirements for reporting new swaps, define and adopt swap data elements that harmonize with international technical guidance, and reduce reporting burdens for reporting entities. The XBRL US letter expressed […more]
XBRL US responded to the SEC proposal on Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information. The SEC proposes various reforms to the MD&A and other text-based information in corporate filings, including adding one new section, and eliminating certain sections deemed to be redundant because the reported facts are already available in […more]
XBRL US submitted a letter responding to a U.S. Commerce Department request for comments on the Cross Agency Priority Goal: Leveraging Data as a Strategic Asset. The Commerce Department notice seeks comment on best strategies and processes for achieving this CAP goal. The Request for Comments seeks input on a 4 part strategy to: Manage government data […more]
XBRL US submitted a comment letter responding to the SEC Request for Comment about its draft Strategic Plan 2018-2022. Recommendations include: Require all financial data submitted by all reporting entities, to be provided in computer-readable, standardized format. Use consistent standards across the agency to keep the cost of producing and consuming the data low, and […more]
XBRL US strongly opposes Section 411 of Subsection C of Title IV in the Financial CHOICE Act, a provision to exempt small companies from XBRL filing and which will have significant negative repercussions on both Wall Street and Main Street. Read the XBRL US argument on Section 411 in a letter to the House Financial Services Committee.
In response to the SEC’s Concept Release on disclosures in Reg S-K, the SEC Investor Advisory Committee submitted a comment letter where data standards are very positively referenced. Highlights from the letter: Leveraging Technology. The Commission is in the process of developing a second generation for the Electronic Data Gathering, Analysis and Retrieval system (EDGAR). […more]
XBRL US responds to SEC Concept Release on Transfer Agent Regulations on April 14, 2016, proposing that inline XBRL be used for transfer agent financial disclosures and that data standards be used to improve corporate actions processing.
Research on data reported in 10-Ks filed by 498 public companies (roughly representing the S&P 500) demonstrates a significant amount of duplication. 54% of facts reported had been reported already in previous filings. Company workload in the filing process could be reduced by only requiring companies to report facts that have not already been reported. […more]