Items tagged with "government"

January/February 2023 Newsletter

January/February 2023 SEC final rule calls for Inline XBRL for disclosures on policies to facilitate straight-through-processing. The final rule, Shortening the Securities Transaction Settlement Cycle is effective 60 days after the 3/6/2023 publication to the Federal Register. The rule adopts amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days […more]


December 2022 Newsletter

Happy New Year! 2023 will be an especially important year for data standards and XBRL. The Financial Data Transparency Act (FDTA) was just signed into law. The rapid expansion of XBRL requirements for SEC corporate and investment management companies is placing greater demands on our members and on the Commission itself. And there’s a groundswell […more]


XBRL US Welcomes Enactment of the Financial Data Transparency Act (FDTA)

On December 23, 2022, President Biden signed into law H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 which includes TITLE LVIII, the Financial Data Transparency Act (FDTA). The FDTA calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, […more]


XBRL US Comments on MSRB RFC on Rule G-32

XBRL US commented on the Municipal Securities Rulemaking Board (MSRB) Request for Comment on Draft Amendments to MSRB Rule G-32 to Streamline the Deadlines for Submitting Information on Form G-32. The XBRL US letter encouraged the MSRB to consider allowing municipal securities bond issuers to optionally submit their continuing disclosure documents which include event-based and […more]


November 2022 Newsletter

November, 2022 XBRL US Data Quality Committee (DQC) 20th Rule Set includes rules for Business Development Companies (BDC) and public companies. BDCs have just begun reporting financials in XBRL format for the first time this year, and the DQC is now preparing rules to help these new filers identify potential issues before their financials are […more]


October 2022 Newsletter

October, 2022 The Securities and Exchange Commission (SEC) finalized two new rules with XBRL requirements. Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements adopts amendments for annual and semi-annual shareholder reports provided by mutual funds and exchange-traded funds to highlight key information for shareholders and format the disclosures […more]


September 2022 Newsletter

September, 2022 XBRL US weighs in on technical aspects of the IFRS Sustainability Disclosure Taxonomy. The IFRS requested input on taxonomy groupings, use of dimensions, narrative information, modeling metrics and other topics. The XBRL US comment addressed IFRS staff recommendations on the [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and [Draft] […more]


August 2022 Newsletter

The Small Business Administration (SBA) streamlined their Surety Bond Guarantee Program with XBRL automation. The head of the SBA, Administrator Isabella Casillas Guzman, noted in their release, “SBA’s Surety Bond Guarantees are critical for small businesses to be able to qualify, compete for, and complete major projects—including many of the improvement projects being funded as […more]


Florida 2022 Annual Financial Report Taxonomy Finalized

The Florida Division of Accounting & Auditing has partnered with the Office of Information Technology to build the new Florida Open Financial Statement System, and have finalized and published the 2022 Annual Financial Report Taxonomy. Local governments will have the option to provide their financial data in the same manner they currently utilize, where it […more]


July 2022 Newsletter

July, 2022 Michigan State appropriates funding for preparation and collection of local unit government disclosures in XBRL. House Bill 5783 was signed by Governor Whitmer and includes appropriations for fiscal years 2022 and 2023. The IT funding is to be used by Michigan State Treasury to develop an IT strategy focusing on machine-readable (XBRL) financial […more]