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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]
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]
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]
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]
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]
Marc Joffe of the Reason Foundation, and Chair of the XBRL US Standard Government Reporting Working Group, writes that to make better-informed decisions about coronavirus, governments should be publishing comprehensive, machine-readable data sets. The article goes on to note: “In the weeks since COVID-19 became a pandemic, a plethora of data dashboards have been launched […more]
In response to the COVID-19 public health crisis, the SEC announced that they are adopting a temporary rule to allow applicants for EDGAR access to upload a signed copy of Form ID (completed online) without the notarization, containing a statement that applicants were unable to obtain notarization due to difficulties related to COVID-19. Within 90 […more]
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