The Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published an implementation guide for Financing Receivable and Current Expected Credit Loss (CECL) Disclosures, and a proposed Taxonomy Implementation NOTE (TIN) Guide. The public comment period for both guides will end on July 26, 2021.
XBRL US submitted a comment letter in response to the Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning. The Request was published by five federal agencies: the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve […more]
The European Commission (EC) has announced a public consultation paper, EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting, that outlines requirements that will be followed in the European Financial Reporting Advisory Group’s (EFRAG) role as technical advisor to the EC in preparation for Sustainability Reporting Standards. EFRAG has been tasked with developing the draft […more]
XBRL US submitted a comment letter in response to the Securities and Exchange Commission (SEC) extension of data collection of Rule 17g-7 regarding disclosure requirements for credit rating agencies (Nationally Recognized Statistical Rating Organizations (NRSRO)). Credit ratings agencies today are required to report ratings data in XBRL format. Our letter expressed support for the continuation […more]
The Securities and Exchange Commission (SEC) announced that they will be conducting a pilot phase to implement their final rule, Securities Offering Reform for Closed-End Investment Companies. The pilot phase will start with the next major EDGAR system update in September 2021 for a 4 month period (ending January 31, 2022). The Closed-End Investment Company […more]
XBRL US submitted a letter responding to the Securities and Exchange Commission (SEC) request for input on Climate Change Disclosures. Key recommendations made in the letter: The SEC should play a key role in the process of standardizing climate-related disclosures, to ensure that standards set globally are suited for U.S. listed companies, as many U.S. […more]
XBRL US submitted a letter to the Federal Energy Regulatory Commission (FERC) in response to their request for comment on Data Collection for Analytics and Surveillance and Market-Based Rate Purposes. The focus of the XBRL US letter was on the section in the proposal that market-based rate sellers provide utility identifiers for certain upstream affiliates […more]
Electric utilities, gas pipeline companies, oil pipeline companies, centralized service companies and electric transmitting companies reporting to the FERC are required to submit Forms 1, 2, 2-A, 3-Q, 6, 6-Q, 60 and 714 in XBRL.
We’re providing sample documentation, guides and applications to use before becoming a FERC Filer Member, plus a list of comprehensive FERC-enabled products and services from XBRL US Members.
Process Improvement Effective January 1, 2018, proposed Taxonomy Improvements to this Accounting Standards Update will have a formal comment period concurrent with the issuance of the Accounting Standards Update. This replaces the past practice of an annual 60-day comment period on the entire Taxonomy. FASB Staff Issues Proposed GAAP Taxonomy Improvements for a Proposed Accounting […more]
The White House published an Executive Order on Climate-Related Financial Risk, which addressed the plan to establish “…within 120 days of the date of this order, a comprehensive, Government-wide strategy regarding: (a) the measurement, assessment, mitigation, and disclosure of climate-related financial risk to Federal Government programs, assets, and liabilities in order to increase the long-term […more]
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