Posted on Thursday, January 30, 2020

The Securities and Exchange Commission (SEC) announced rule amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The amendments include eliminating Item 301 of Regulation S-K, Selected Financial Data and Item 302 of Regulation S-K, Supplementary Financial Information to eliminate duplication. The rule also includes an amendment to Item 303 of Regulation S-K, Management’s Discussion & Analysis of Financial Condition and Results of Operations (MD&A) to modernize and enhance MD&A disclosures.

The proposal does not recommend that structured data be required for the reporting of MD&A, citing the cost to filers, and the fact that the MD&A is prepared on a principles-based framework, which encourages disclosures tailored to each company’s specific facts and circumstances, limiting comparability of MD&A content. The Commission does however, request comment on whether MD&A information should be reported using Inline XBRL. Comment letters are due April 28, 2020.

Read the rule.

Upcoming XBRL US Events

Webinar: DQC Rules for BDCs and Public Companies – Rule Set 20
Wednesday, December 14, 2022

Communications & Services Steering Committee Meeting
Tuesday, December 20, 2022

Domain Steering Committee Meeting
Tuesday, December 20, 2022

Public Exposure for Comment – Data Quality Committee Rules and Guidance
Saturday, December 31, 2022