The Securities and Exchange Commission (SEC) finalized their rule on Disclosure Update and Simplification. The rule proposal was introduced on July 13, 2016 and XBRL US submitted a comment letter.
A review of the final rule indicates that there are no near-term changes to what is required to be XBRL tagged by issuers. There are a few areas that may result in “Disclosure Location – Financial Statement Considerations”, which means that the content may be moved into or out of the financial statements, with a corresponding change in XBRL requirement. The areas that potentially could result in a change have been referred to the FASB. The FASB has 18 months after the final rule has been published in the Federal Register to determine whether the topic will be added to its agenda of projects for potential standard setting. The FASB will then determine whether or not to respond to these referrals. The final rule was published in the Federal Register on October 4, 2018.
Read the final rule.
