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The Financial Accounting Standards Board (FASB) published a new Q&A that covers applying the US GAAP Financial Reporting Taxonomy on disclosures related to effects of COVID-19. Topic areas covered include: Income taxes Payroll taxes Loans Grants Pensions Overall discussion of the COVID-19 pandemic. Read the Q&A.
The Securities and Exchange Commission published an updated analysis of custom tag rate trends which shows a slight decline in the use of custom tags (from 18% to 17%) for all filers. The biggest decline in the use of custom tags was from large accelerated filers which was offset by an increase among smaller reporting […more]
Posted this month: SEC Adopts Amendments to Improve Financial Disclosures about Business Acquisitions and Dispositions Reminder for Filers Who Obtain EDGAR Access Pursuant to Temporary Final Rule 10(c) New York Regional Office to Host Educational Call for Investors on Avoiding COVID-Related Fraud SEC Extends Relief for Virtual Meetings of Fund Boards and more news
The Securities and Exchange Commission announced a request for comment concerning the collection of data by investment companies on Form N-CEN, which is currently required to be reported in XML format. The request seeks information on: (a) whether the proposed collection of information is necessary for the proper performance of the functions of the agency, […more]
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]
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 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 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 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]
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