Get the latest news and information about XBRL in the United States. We're also on Twitter with breaking news - twitter.com/xbrlus, and updated event listings - twitter.com/xbrlevents.
Updates by topic:
SEC Reporting || Industries || Government || Using Data
On May 8, U.S. Treasury and the Office of Management and Budget (OMB) held a conference call to update agencies and other interested parties on DATA Act progress. During the call they discussed the public review of data elements and the pilot program that are ongoing. They also announced the publication of a DATA Act “playbook” […more]
On April 30, the SEC announced a proposed rule to require companies to disclose the relationship between executive pay and a company’s financial performance. The new reporting requirement would be in XBRL format. The news release and fact sheet published stated: Companies would also be required to tag the disclosure in an interactive data format using […more]
The Capital Markets & Government Sponsored Enterprises subcommittee of the House Financial Services committee held a hearing on April 29, 2015 to discuss various legislative proposals designed to enhance capital formation and reduce regulatory burdens including HR 1965, an XBRL exemption for small companies. Language in the new bill is identical to that in HR […more]
Beverly, Mass., April 23, 2015 – Altova® (http://www.altova.com) today announced the availability of MobileTogether® 1.5. Version 1.5 includes more than 18 important new features and enhancements, adding even more power to this unique, multi-platform mobile development framework for building and deploying in-house app solutions. “We are constantly working to add new features to make development […more]
XBRL Canada is holding a seminar on May 15, 2015 presented by Campbell Pryde, the President and CEO of XBRL US. The event will be held at the Offices of CPA Canada in Toronto on May 15, 2015, from 9:00AM – 12:00 PM (noon). Mr Pryde will show how certain regulators and stock exchanges around the world are considering the use of XBRL to streamline the reporting of Corporate Actions.
The SEC announced that they have upgraded the EDGAR system to support the 2015 US GAAP and EXCH taxonomies. Their announcement suggests that filers transition to the 2015 taxonomies for the earliest reporting period that ends after March 9, 2015 but not for reporting periods that end before March 9, 2015. They also indicated that […more]
Participate in the Public Review & Comment period for data elements to comply with the Digital Accountability and Transparency Act (DATA Act), establishing government-wide financial data standards to increase the availability, accuracy, and usefulness of federal spending information. The federal government seeks input to that process from all stakeholders.
XBRL US, the nonprofit consortium for XBRL reporting, announced today that they will be holding three advanced interactive workshops to maximize the ability of public company professionals around the country to obtain needed XBRL training. The focus of the workshops will be on learning best practice and correcting common problems in XBRL-formatted financials. Skilled CPAs from the Financial Accounting Standards Board (FASB), PwC, KPMG, Ernst & Young, Deloitte and XBRL US, each with many years of XBRL experience, will lead the workshops.
XBRL US is pleased that the U.S. House of Representatives did not pass H.R. 37 “Promoting Job Creation and Reducing Small Business Burdens Act” in its current form, under suspension of the rules on January 6, 2015. The Act included provisions that would exempt companies with revenue under $250 million from filing in XBRL format. The aim of the bill was to reduce public company costs, however a study by the AICPA and XBRL US shows that an XBRL exemption would result in savings of only $10,000 per year for most small reporting companies. Additionally, the unintended consequence of the XBRL exemption would be to raise the cost of capital for small companies versus large by making it more expensive for investors to extract and analyze small company data.
AICPA/XBRL US survey showed that 69% of companies paid $10,000 or less on an annual basis for fully outsourced creation and filing solutions of their XBRL filings. 18% paid annual costs of between $10,000 to $20,000 for their full service outsourced solutions. Only 8% of companies paid more than $25,000 in annual costs. No company’s annual cost exceeded $50,000.
The national consortium for
the business reporting standard
Comment
You must be logged in to post a comment.