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SEC Reporting || Industries || Government || Using Data
On June 17, 2025, the Securities and Exchange Commission (SEC) published their Semi-Annual Report to Congress Regarding Public and Internal Use of Machine-readable Data for Corporate Disclosures. This report, which is required to be prepared every six months per the Financial Data Transparency Act (FDTA), contains an identification of which data is prepared in machine-readable […more]
The Securities and Exchange Commission (SEC) Division of Economic and Risk Analysis evaluated the tagging of Business Development Company (BDC) Schedules of Investments and identified certain common tagging issues: Inappropriate tagging of subtotals of investments by industry or by investment type with Investment, Identifier [Axis]. These subtotals should be tagged using dimensions Industry Sector [Axis] […more]
The Securities and Exchange Commission (SEC) announced the withdrawal of 14 rules in proposal stage. Three of the rules in proposal stage have XBRL components, including: Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies (view the final rule withdrawal) Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, […more]
The Securities and Exchange Commission (SEC) extended Form PF Amendments compliance date to October 1, 2025. The compliance date has originally been set for March 12, 2025, and was subsequently pushed to June 12, 2025. The additional extension now to October 1, 2025, will give more time to filers to program and test for compliance […more]
XBRL US submitted a letter to the Securities and Exchange Commission (SEC) raising concerns about the SPAC Taxonomy which is used to tag disclosures in compliance with the final rule, Special Purpose Acquisition Companies, Shell Companies, and Projections. The letter pointed out certain challenges with the SPAC Taxonomy, including the difficulties working with highly detailed […more]
The Securities and Exchange Commission (SEC) published an analysis of public company custom tag rates for 2022 through 2024. The analysis shows a slight decline in the use of custom tags across all filers, from 18% in 2023 to 17% in 2024. All categories of filers experienced a decline except for large accelerated filers which […more]
XBRL US submitted a comment letter in response to the Securities and Exchange Commission Proposed Collection; Comment Request; Extension: Interactive Data. Points raised in the letter include: Requiring corporate disclosures to be prepared in XBRL format produces structured data that is more useful, accessible, granular, and more consistent than data in unstructured format for regulators, […more]
XBRL US sent a letter to key members of the 119th Congress to emphasize the importance of open data standards as a proven method to meet government efficiency goals. The letter, which was sent to Chairman of the Senate Finance Committee Mike Crapo (R-ID), Senator Mark Warner (D-VA), Chairman of the House Financial Services Committee […more]
XBRL US welcomed incoming Chairman of the Securities and Exchange Commission (SEC) Paul S. Atkins in a letter that addressed the role of data standards in supporting federal government agencies. It noted that data standards: Support the administration’s focus on modernization, efficiency, and productivity improvement. Assist in the creation of machine-understandable data for better, more […more]
On May 2, 2025, the Financial Accounting Standards Board (FASB) issued for comment proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update: Debt—Modifications and Extinguishments (Subtopic 470-50) and Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Accounting for Debt Exchanges (Release Notes) The proposed Update was issued to clarify that certain debt exchange transactions should be accounted […more]
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