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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.
Text of Mark Flannery, SEC Chief Economist & Director of the Division of Economic and Risk Analysis – speech at the Data Transparency Coalition’s Fall Policy Conference, September 30, 2014. http://www.sec.gov/News/Speech/Detail/Speech/1370543071869#.VKxpsqZkri8
The third annual XBRL Data Forum will be held in the Seattle area September 15-17, 2014 at the Hyatt Regency in Bellevue. Regulators from across the globe, including the U.S. Securities & Exchange Commission (SEC), have mandated XBRL as the required electronic reporting format. Additionally, the Digital Accountability and Transparency Act (DATA) was signed into […more]
The XBRL International Standards Board (XSB) today issued a call to financial regulators and listed company filers to form a global “Corporate Actions Working Group” to define XBRL taxonomies for standardizing the transmission and consumption of corporate actions events allowing straight through processing through the world’s financial systems. This project will build on the work initiated by the Depository Trust & Clearing Corporation (DTCC), SWIFT and XBRL US in 2009 that resulted in development of a draft taxonomy and business plan.
XBRL US, the nonprofit consortium for XBRL reporting in the US, announced today the publication of a new online tool, the US GAAP Pension Analyzer which is available for free to public company reporting managers that runs a set of rules against the pension disclosure within an XBRL-formatted financial statement. A review of XBRL filings […more]
XBRL US, the nonprofit consortium dedicated to XBRL reporting in the US, today congratulated the U.S. Senate for its passage of the Digital Accountability and Transparency (DATA) Act, S. 994, a bill mandating the use of structured data standards for the reporting of all government expenditures. The bill was approved by unanimous consent and is […more]
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the business reporting standard
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