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The Financial Stability Board (FSB) is conducting a review on implementation of the Legal Entity Identifier (LEI). The objective of the review is to evaluate the progress made by FSB members – both national authorities and international bodies – in response to the G20 Leaders’ 2012 call for “global adoption of the LEI to support […more]
The Data Quality Committee is soliciting input on the 7th Data Quality Ruleset during a public review and comment period that will end on September 10, 2018.
On August 17, Marc Joffe of the Reason Foundation published an article on Making Government Documents Searchable and Machine-Readable to Improve Transparency and Accountability which states: “In Florida, and nationally, Reason Foundation is working to improve the accounting transparency of state and local governments by seeking the mandatory disclosure of government financial documents in a machine-readable […more]
The Securities and Exchange Commission (SEC) finalized their rule on Disclosure Update and Simplification. The rule proposal was introduced on July 13, 2016 and XBRL US submitted a comment letter. A review of the final rule indicates that there are no near-term changes to what is required to be XBRL tagged by issuers. There are […more]
On August 16, the Global Banking & Finance Review published an article referencing the AICPA XBRL US study on the cost of XBRL preparation for small companies, stating: “The American Institute of CPAs (AICPA) and XBRL US have found that the cost of XBRL formatting for small reporting companies has declined 45 percent since 2014, according to an updated […more]
On August 15, the Journal of Accountancy published the article, “XBRL Costs for Small Reporting Companies Have Declined 45% Since 2014” , stating: “The cost of formatting financial statements in Extensible Business Reporting Language, or XBRL, for small reporting companies has plunged 45 percent since 2014, according to a new study by the American Institute of CPAs […more]
XBRL US State and Local Disclosure Modernization Working Group formed to use standards to improve government financial transparency, enhance the efficiency of the municipal bond market, and aid efforts to streamline regulatory reporting, including grant reporting.
XBRL US submitted a letter responding to a U.S. Commerce Department request for comments on the Cross Agency Priority Goal: Leveraging Data as a Strategic Asset. The Commerce Department notice seeks comment on best strategies and processes for achieving this CAP goal. The Request for Comments seeks input on a 4 part strategy to: Manage government data […more]
XBRL US State and Local Disclosure Modernization Working Group formed to use standards to improve government financial transparency, enhance the efficiency of the municipal bond market, and aid efforts to streamline regulatory reporting, including grant reporting.
XBRL US submitted a comment letter responding to the SEC Request for Comment about its draft Strategic Plan 2018-2022. Recommendations include: Require all financial data submitted by all reporting entities, to be provided in computer-readable, standardized format. Use consistent standards across the agency to keep the cost of producing and consuming the data low, and […more]
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