News Archive

The Calcbench Insider: June 2020

In this issue:

• Covid-19 Disclosures
• Earnings release & 10-K timing

Video: Standards for government data collection

Most U.S. government data agencies today do not require data standards for information reported by businesses, grantees, or state and local governments. Agencies could easily transition to data standards programs, with gains for all stakeholders: reporting entities would eliminate duplicate data preparation, and enjoy low costs from competitively priced preparation tools government agencies would experience […more]

SEC Updates Interactive Data Test Suite

The Securities and Exchange Commission updated their interactive data test suite which is designed to assist filers using software to validate XBRL data prior to EDGAR submission. The test suite consists of small XBRL instances, schemas, and linkbases that are categorized as to whether they violate a validation check, and if so, what validation check […more]

XBRL US Comment on CFTC Proposal on Swaps Data Reporting Requirements

XBRL US commented on a Commodity Futures Trading Commission (CFTC) proposal on Swap Data Recordkeeping and Reporting Requirements. The goal of the proposal is to streamline the requirements for reporting new swaps, define and adopt swap data elements that harmonize with international technical guidance, and reduce reporting burdens for reporting entities. The XBRL US letter expressed […more]

SEC Statement on Importance of Municipal Market Disclosure

SEC Chairman Jay Clayton and the SEC Director of the Office of Municipal Securities Rebecca Olsen, published a joint public statement on The Importance of Disclosure for our Municipal Markets, with a subheading “The Effects of COVID-19 Have Raised Uncertainties Regarding the Financial Status of State and Local Governments and Special Purpose Entities; Municipal Securities […more]

XBRL US Comments on SEC Proposal on Modernizing the MD&A

XBRL US responded to the SEC proposal on Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information. The SEC proposes various reforms to the MD&A and other text-based information in corporate filings, including adding one new section, and eliminating certain sections deemed to be redundant because the reported facts are already available in […more]

XBRL US Supports BEA Proposal Requiring LEI for Entities That Have One on BE-180

XBRL US expressed support for a BEA rule proposal that would amend the data collected and the design of the mandatory BE-180 Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons. In particular, XBRL US supports the proposed plan to include a question to survey respondents to provide their 20-digit […more]

XBRL US Data Quality Committee Public Exposure of 12th Ruleset

US GAAP and IFRS filers, investors, XBRL providers encouraged to participate The XBRL US Data Quality Committee (DQC) has published its 12th Ruleset for a 45-day public review and comment period, which closes on June 1, 2020. DQC rules aid US GAAP and IFRS  issuers in preparing consistent, error-free financials, by providing automated checks that […more]

SEC Final Rule on Financial Disclosures about Guarantors & Issuers of Guaranteed Securities

The Securities and Exchange Commission published its final rule Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities. The rule was adopted largely as initially proposed and gives parent companies the flexibility to provide the Revised Alternative Disclosures inside or outside of the consolidated financial statements which […more]

SEC Requires XBRL in Final Rule “Securities Offering Reform for Closed-End Investment Companies”

The Securities and Exchange Commission published the final rule for Securities Offering Reform for Closed-End Investment Companies, which modifies the registration, communications and offering process for business development companies (BDC) and other closed-end investment companies. In addition, the final rule adopts structured data reporting requirements: BDCs will be required to submit financial statements in Inline […more]