Media

Wednesday, March 22, 2023

FASB Announcement: SEC Acceptance of 2023 GAAP Financial Reporting Taxonomy and SRT

The Financial Accounting Standards Board (FASB) announced that the Securities and Exchange Commission (SEC) has accepted the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy. The FASB also finalized the 2023 DQC Rules Taxonomy. Read the FASB announcement: XBRL SEC Accepts GAAP Taxonomies Action Alert_20230321

SEC Commissioners Unanimously Support Electronic Filings

The Securities and Exchange Commission (SEC) held an open meeting to discuss amendments to require broker dealers and other registrants to electronically file certain forms that are currently allowed to be submitted in paper format. All SEC commissioners unanimously supported the proposal. Comments are due 60 days after publication in the Federal Register or May […more]

Monday, March 20, 2023

SEC Upgrades to EDGAR 23.1, Now Supporting 2023 Taxonomies

The Securities and Exchange Commission (SEC) announced that the EDGAR System has been upgraded to Release 23.1 and now supports 2023 taxonomies. The newly released Executive Compensation Disclosure (ECD) taxonomy now includes the elements needed for tagging disclosures required by the Commission’s final rule on Insider Trading Arrangements and Related Disclosures. The 2023 U.S. Generally Accepted […more]

Wednesday, March 15, 2023

SEC Proposes Broker Dealer Rule, Addressing Cybersecurity Risks, with Custom XML

The Securities and Exchange Commission (SEC) published a rule proposal, Addressing Cybersecurity Risks to the U.S. Securities Markets, which calls for broker-dealers, the Municipal Securities Rulemaking Board, clearing agencies, major security-based swap participants, national securities associations and exchanges, security-based swap data repositories and swap dealers, and transfer agents, to address their cybersecurity risks. They will […more]

Thursday, February 16, 2023

FASB Request for Comment: Proposed GAAP Taxonomy Style Guide & More

The Financial Accounting Standards Board (FASB) published a proposed GAAP Taxonomy Style Guide, Reference Style Guide (Style Guide) to help in analyzing the presentation and disclosure requirements of the FASB Accounting Standards Codification (ASC) to determine the appropriate role and format of the reference related to elements included in the GAAP Financial Reporting Taxonomy (GRT) […more]

Wednesday, February 15, 2023

SEC Finalizes Rule: Shortening the Securities Transaction Settlement Cycle

The Securities and Exchange Commission (SEC) published notification that they have posted their final rule, Shortening the Securities Transaction Settlement Cycle, to the Federal Register (official publication date is 3/6/2023). This rule is effective 60 days after the official publication date. It adopts rule amendments to shorten the standard settlement cycle for most broker-dealer transactions […more]

Thursday, January 26, 2023

SEC Office of the Chief Data Officer Publishes Data Strategy FY 2022 – 2026

The Securities and Exchange Commission (SEC) Office of the Chief Data Officer published their Data Strategy FY 2022 – 2026 on January 26, 2023. The SEC Data Vision references goals: Enhance use of data assets Design and build integrated data infrastructure Promote data awareness and literacy Strengthen data management and governance  

Thursday, January 5, 2023

FASB Extends Comment Period on Proposed Meta Model Relationships

The Financial Accounting Standards Board (FASB) has extended the period for the Invitation to Comment on Proposed Meta Model Relationships to May 11, 2023. Additional information about the ITC can be found through this FASB/XBRL US webinar, “FASB Meta Model Invitation to Comment and Proposed Policy Election Element Relationships” held on Nov 2, 2022. Watch […more]

Thursday, December 29, 2022

SEC Adopts Insider Trading & Related Disclosures Final Rule with XBRL Requirements

The Securities and Exchange Commission (SEC) published to the Federal Register the final rule on Insider Trading Arrangements and Related Disclosures, which calls for new disclosure requirements regarding insider trading policies and procedures, as well as amendments to disclosure requirements for director and executive compensation. The rule requires that the new disclosure Items 402(x), 408(a) […more]

Monday, December 26, 2022

XBRL US Welcomes Enactment of the Financial Data Transparency Act (FDTA)

On December 23, 2022, President Biden signed into law H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 which includes TITLE LVIII, the Financial Data Transparency Act (FDTA). The FDTA calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, […more]