XBRL US announced today that the Financial Accounting Standards Board (FASB) has incorporated freely available validation rules into the 2020 release of the US GAAP Financial Reporting Taxonomy. The rules, developed by the XBRL US Data Quality Committee (DQC) are used by public company filers to identify and resolve errors in their XBRL financials prior […more]
The Data Quality Committee publishes approximately three rulesets per year. With every ruleset, a stringent 10-step development process is followed in order to ensure that the errors triggered by the rule are true errors that filers need to address before they submit their financial statements. Step 1. Create draft rules. Members of the DQC are […more]
October / November 2019 Legislative and Regulatory News ROC of the LEI Seeks Comment on LEI for Government Entities SEC Proposes Inline XBRL for Fee Calculation Tables and Fee Footnotes Senate Passes GREAT (Grant Reporting Efficiency and Agreements) Act SEC Proposes Update of Statistical Disclosures for Banks and Savings and Loan Registrants FASB Proposes Updates […more]
The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on November 4, 2019 which addressed “Structured Disclosures by Municipal Issuers” featuring XBRL US CEO Campbell Pryde. Key messages conveyed during the panel included how XBRL data standards can be used to improve the efficiency and effective of municipal reporting. Separately, […more]
We’ve been reviewing individual corporate filings for issues related to data quality since 2015. Have you checked YOUR XBRL filing?
June 2019 Legislative and Regulatory News GREAT Act Passes Senate Committee on Homeland Security & Government Reform FERC Adopts XBRL Standards for Utilities Reporting California State Assembly Committee Approves SB 598, Open Financial Statements Act SEC Publishes Concept Release to Harmonize Exempt Offerings SEC Updates EDGAR to Release 19.2, Publishes DEI Taxonomy U.S. Federal Data […more]
Both blockchain and AI have been suggested as technologies that should be considered instead of the XBRL data standard. But what are they, really? Can a technology replace a standard? Or is XBRL complementary to AI and blockchain?
April/May 2019 Legislative and Regulatory News SEC Publishes Draft EDGAR Filer Manual SEC Proposes XBRL for Reporting by Business Development Companies & Closed End Funds SEC Finalizes FAST Act Requires XBRL Tagging for Cover Page Small Business Administration Accepts XBRL Data for Surety Bond Guarantee Program FERC Proposal on Transmission Investment Activity References Use of […more]
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Preparing a perfect turkey is critical for a successful Thanksgiving. Preparing quarterly financial statements is another activity where “getting it right” is critical. The risk of mistakes has significant downsides, ranging from SEC sanction to negatively affecting your company stock price.
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