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The SEC published a new rule proposing that Inline XBRL tagging be required for all fee calculation table and fee footnotes in fee bearing filings, including Funds and Transactional 1933 Act filings, tender offers, proxies (with fees), etc. On page 10 of the rule: amend most fee-bearing forms, schedules and statements to provide that each […more]
XBRL US submitted a comment letter responding to the SEC proposal, Modernization of Regulation S-K Items 101, 103, and 105. The Commission proposes various changes in disclosure requirements related to Item 101 for business description, Item 103 for legal proceedings and Item 105 for risk factors. The proposed amendments are intended to improve the readability of […more]
The U.S. House of Representatives passed the Grants Reporting Efficiency and Agreements Transparency (GREAT) Act (H.R. 4887). A Senate version (S. 3834), introduced by Senators James Lankford (OK) and Michael Enzi (WY), was passed by the Senate Homeland Security and Governmental Affairs Committee.
XBRL US supports the Financial Transparency Act (FTA) (HR 4776), which was reintroduced on September 24, 2019 by Carolyn Maloney (NY-D), Chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, of the House Financial Services Committee, and by Patrick McHenry (NC-R), Ranking Member of the Subcommittee. This is a very important bill for […more]
On September 17, 2019, the SEC published a rule proposal: Update of Statistical Disclosures for Bank and Savings and Loan Registrants. Today, that proposal was posted on the Federal Register, with an official publication date of October 3. Comment letters are due 60 days from the date of publication in the Federal Register. A proposal […more]
XBRL US submitted a comment letter responding to the SEC Concept Release on Harmonization of Securities Offering Exemptions. The XBRL US letter noted that the Commission could more effectively meet its goal of simplifying and harmonizing the exempt offering framework by requiring all reporting entities to use the same consistent method to report the same disclosures. […more]
On September 24, 2019, the Financial Transparency Act (FTA) (H.R. 4476) was reintroduced by House Financial Services Committee Ranking Member Patrick McHenry (NC-R) and Subcommittee Chairwoman Carolyn Maloney (NY-D). This is a very important bill for data standards, with a stated goal: To amend securities, commodities, and banking laws to make the information reported to […more]
The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment: Proposed Accounting Standards Update (Revised)—Debt (Topic 470)—Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) (Revision of Exposure Draft Issued January 10, 2017). The proposed taxonomy improvements added elements for disclosures of debt in […more]
On September 10, 2019, California Senate Bill 598 was presented in the California Assembly and passed with a vote of 64-0. SB 598 calls for the enactment of the Open Financial Statements Act, which would establish the Open Financial Statement Commission, a 9-member commission in the Treasurer’s office. The commission will be tasked with contracting […more]
Public Companies Also Used Workiva Platform to Submit More Than 78 Percent of Inline XBRL Facts in 2019 Workiva, provider of the world’s leading connected reporting and compliance platform, announced that its customer – Summit Materials – used the Workiva platform to submit the first multi-document Inline eXtensible Business Reporting Language (iXBRLTM) filing to the […more]
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