On July 13, 2016, the SEC posted a rule proposal as part of their disclosure review on “Disclosure Update and Simplification” which proposes amendments to disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded. The SEC is also soliciting comment on disclosure requirements that overlap with, but require information incremental to U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board (“FASB”) for potential incorporation into U.S. GAAP. Among other changes made in the proposal, the Commission also proposes:
“The relocation of existing disclosures from outside the financial statements to within the financial statements may also subject the disclosures to XBRL tagging requirements.”
Read the rule proposal: https://www.sec.gov/rules/proposed/2016/33-10110.pdf
Comments are due within 60 days of publication in the Federal Register.
