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XBRL US submitted a letter to the Securities and Exchange Commission (SEC) raising concerns about the SPAC Taxonomy which is used to tag disclosures in compliance with the final rule, Special Purpose Acquisition Companies, Shell Companies, and Projections. The letter pointed out certain challenges with the SPAC Taxonomy, including the difficulties working with highly detailed […more]
The Securities and Exchange Commission (SEC) published an analysis of public company custom tag rates for 2022 through 2024. The analysis shows a slight decline in the use of custom tags across all filers, from 18% in 2023 to 17% in 2024. All categories of filers experienced a decline except for large accelerated filers which […more]
XBRL US submitted a comment letter in response to the Securities and Exchange Commission Proposed Collection; Comment Request; Extension: Interactive Data. Points raised in the letter include: Requiring corporate disclosures to be prepared in XBRL format produces structured data that is more useful, accessible, granular, and more consistent than data in unstructured format for regulators, […more]
XBRL US sent a letter to key members of the 119th Congress to emphasize the importance of open data standards as a proven method to meet government efficiency goals. The letter, which was sent to Chairman of the Senate Finance Committee Mike Crapo (R-ID), Senator Mark Warner (D-VA), Chairman of the House Financial Services Committee […more]
XBRL US welcomed incoming Chairman of the Securities and Exchange Commission (SEC) Paul S. Atkins in a letter that addressed the role of data standards in supporting federal government agencies. It noted that data standards: Support the administration’s focus on modernization, efficiency, and productivity improvement. Assist in the creation of machine-understandable data for better, more […more]
On May 2, 2025, the Financial Accounting Standards Board (FASB) issued for comment proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update: Debt—Modifications and Extinguishments (Subtopic 470-50) and Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Accounting for Debt Exchanges (Release Notes) The proposed Update was issued to clarify that certain debt exchange transactions should be accounted […more]
GovFin 2025 will address the implications of digital reporting for municipal bond issuance and the Financial Data Transparency Act (FDTA). The nine agencies tasked with implementing the FDTA are expected to finalize the first phase of rulemaking this year; during the second phase, each agency will develop rule proposals for their own data collections, including […more]
On April 21, 2025, the Securities and Exchange Commission (SEC) published a final rule regarding the delay of effective and compliance date for portions of the rule Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk. The effective date for the amendments to Form N-PORT that were published on September 11, 2024, […more]
XBRL US expressed our support for Senate Bill 3456, Climate Corporate Data Accountability, legislation introduced early this year, in a letter submitted to the bill’s sponsor, New York State Senator Brad Hoylman-Sigal. Our letter noted, “While many businesses have been voluntarily reporting GHG emissions and other climate information to investors for years, regulatory mandates raise […more]
The Securities and Exchange Commission announced that it had voted to end its defense of the climate disclosure rules requiring regarding climate-related risks and greenhouse gas emissions. Read the Announcement.
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