Items tagged with "standards"

Financial Transparency Act (FTA) Reintroduced

On September 24, 2019, the Financial Transparency Act (FTA)  (H.R. 4476) was reintroduced by House Financial Services Committee Ranking Member Patrick McHenry (NC-R) and Subcommittee Chairwoman Carolyn Maloney (NY-D). This is a very important bill for data standards, with a stated goal: To amend securities, commodities, and banking laws to make the information reported to […more]


Proposed Updates to 2020 US GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment: Proposed Accounting Standards Update (Revised)—Debt (Topic 470)—Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) (Revision of Exposure Draft Issued January 10, 2017). The proposed taxonomy improvements added elements for disclosures of debt in […more]


California Senate Bill 598 Unanimously Passes Assembly

On September 10, 2019, California Senate Bill 598 was presented in the California Assembly and passed with a vote of 64-0. SB 598 calls for the enactment of the Open Financial Statements Act, which would establish the Open Financial Statement Commission, a 9-member commission in the Treasurer’s office. The commission will be tasked with contracting […more]


SEC Public Review for EDGAR Filer Manual (Volume II) (Version 52)

The Securities and Exchange Commission has published a draft EDGAR Filer Manual (Volume II) (Version 52). The EFM draft has been published to solicit input and aid filers in preparing for potential EDGAR System changes, scheduled for September 30, 2019. If approved, the final version of the EFM will be made available on or about […more]


Point of View

XBRL US Center for Data Quality AICPA, Altova, Broadridge, Certent, DataTracks, Donnelley Financial Services (DFIN), P3 Data Systems, RDG Filings, Toppan Merrill, Workiva

We’ve been reviewing individual corporate filings for issues related to data quality since 2015. Have you seen your company’s XBRL filing results?


SEC Compliance and Disclosure Interpretations on Inline XBRL and Cover Page Tagging

The Securities and Exchange Commission published Compliance and Disclosure Interpretations on Inline XBRL and cover page tagging. Read the Q&A.


Proposed Updates to 2020 US GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment: 1) Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 and the related release notes. The proposed taxonomy improvements include adding an […more]


SEC Rule Proposal Modernization of Reg S-K, Items 101, 103 & 105

On August 8, the Securities and Exchange Commission published a rule proposal, Modernization of Regulation S-K, Items 101, 103 and 105. Item 101 covers general development of business and narrative description of business; Item 103 covers legal proceedings; and Item 105 cover risk factors. The objective of the proposal is to modernize the description of […more]


SEC Chief Economist S.P. Kothari Speech on Big Data

S.P. Kothari, Chief Economist and Director, Division of Economic and Risk Analysis, at the Securities and Exchange Commission gave a speech on July 13 at the National Bureau of Economic Research (NBER) conference on big data and high-performance computing, where he referenced the value of structured data and the Legal Entity Identifier. Highlights from his […more]


global standards for global investors

Ahmed Algamal, CPA, CA, IFRS XBRL Consultant, and Bethany Moll, XBRL Operations Planning & Strategy, both of DFIN

Hear their views on how foreign private issuers are handling the move to greater standardization in a global marketplace.