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]
The Financial Accounting Standards Board (FASB) has extended the period for the Invitation to Comment on Proposed Meta Model Relationships to May 11, 2023. Additional information about the ITC can be found through this FASB/XBRL US webinar, “FASB Meta Model Invitation to Comment and Proposed Policy Election Element Relationships” held on Nov 2, 2022. Watch […more]
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]
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 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 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]
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]
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]
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]
May, 2022 With Memorial Day behind us, the start of Summer is right around the corner (officially June 21). Time for barbecues, picnics, heading to the beach… And this year, more rule proposals and final implementations with structured data requirements from the SEC! Two new SEC proposals focused on investment management filers were published in […more]
The national consortium for
the business reporting standard
