June, 2020 XBRL US CEO blogs about “Single audit, data standards and the GREAT Act”. President and CEO Campbell Pryde explains the importance of understanding all the facts behind how Single Audit reports are prepared today, and how data standards required in the GREAT Act are designed to improve the process for grantees, auditors, government […more]
Items tagged with "transparency"
May, 2020 CAFR Taxonomy public review is closed. Multiple comments received. XBRL US concluded the public review for V0.3 of the CAFR Taxonomy which represents seven statements, two footnotes and several schedules for the Single Audit Report. Comments were received from the Governmental Accounting Standards Board (GASB), as well as individual states, including Tennessee and […more]
April, 2020 Economic difficulties brought on by the COVID-19 crisis highlight the value of timely, accurate, consistent data to aid in the administering of loan programs like the small business loans in the CARES stimulus package, and in other relief programs we’re likely to see down the road. Congress has approved billions in funds for […more]
March, 2020 March has been a difficult month, as we all adapt to a new environment, way of living and doing business. Filers and XBRL providers may face challenges and the SEC has instituted several temporary relief measures to help filers during the COVID-19 crisis. Many of our members are small businesses which face unique […more]
This virtual event will focus on the future of RegTech applications in society, specifically strategies for realizing efficiencies for financial services and government agencies. During the virtual RegTech Data Week, participants will discuss the benefits and uses of common entity identifiers, development of new pilot projects to advance the use of structured data in regulatory […more]
February, 2020 XBRL continues to gain traction in regulatory and government reporting. On the SEC filing front, the FASB has incorporated XBRL US DQC rules into the 2020 US GAAP Taxonomy which is a big win for data quality. Separately, XBRL US submitted a comment letter on the SEC’s proposal that XBRL be required for […more]
The Data Quality Committee released version 11 of freely-available rules and guidance in February. These 53 rules are automated checks that help filers using US GAAP and IFRS Taxonomies supported by the US Securities and Exchange Commission detect and resolve inconsistencies or errors in XBRL-formatted financial data.
January, 2020 2020 will be a critical year for the modernization of government and regulatory reporting. On December 30, 2019, the President signed the Grants Reporting Efficiency And Transparency (GREAT) Act (https://www.congress.gov/bill/116th-congress/house-bill/150) into law, which requires the use of data standards in grants reporting. The GREAT Act dovetails with the President’s Management Agenda, Results-Oriented Accountability […more]
December, 2019 Happy New Year! The stage is set for a great 2020, thanks to the work of our members on critical projects in 2019: Completing the Taxonomy Development Handbook (a multi-year project), the Style Guide and other building blocks to create good quality taxonomies; Building more data quality rules and guidance to give issuers […more]
October / November 2019 Legislative and Regulatory News ROC of the LEI Seeks Comment on LEI for Government Entities SEC Proposes Inline XBRL for Fee Calculation Tables and Fee Footnotes Senate Passes GREAT (Grant Reporting Efficiency and Agreements) Act SEC Proposes Update of Statistical Disclosures for Banks and Savings and Loan Registrants FASB Proposes Updates […more]