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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]
Will County, Illinois, First Local Government to Publish Financials in XBRL Format XBRL US announced today that it is conducting a 60-day public review and comment period for the second release of the Demonstration Comprehensive Annual Financial Report (CAFR) Taxonomy. The taxonomy, developed by the XBRL US State and Local Government Disclosure Modernization Working Group, […more]
The Securities and Exchange Commission has published a draft EDGAR Filer Manual (Volume II) (Version 52). The EFM draft has been published to solicit input and aid filers in preparing for potential EDGAR System changes, scheduled for September 30, 2019. If approved, the final version of the EFM will be made available on or about […more]
The Securities and Exchange Commission published Compliance and Disclosure Interpretations on Inline XBRL and cover page tagging. Read the Q&A.
The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment: 1) Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 and the related release notes. The proposed taxonomy improvements include adding an […more]
On August 8, the Securities and Exchange Commission published a rule proposal, Modernization of Regulation S-K, Items 101, 103 and 105. Item 101 covers general development of business and narrative description of business; Item 103 covers legal proceedings; and Item 105 cover risk factors. The objective of the proposal is to modernize the description of […more]
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