Media

Friday, July 2, 2021

SEC Announced FASB Guide for Financing Receivable and CECL Disclosures

The Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published an implementation guide for Financing Receivable and Current Expected Credit Loss (CECL) Disclosures, and a proposed Taxonomy Implementation NOTE (TIN) Guide. The public comment period for both guides will end on July 26, 2021.  

SEC Announced EDGAR Structured Disclosure API in BETA Test

The Securities and Exchange Commission (SEC) announced that a new EDGAR Structured Disclosure API is available for Beta Testing. The API includes entity information and submission history and XBRL data from financial statements in JSON format. Read more in the API Documentation.

Thursday, July 1, 2021

XBRL US Comments on Financial Institution Use of AI and Machine-Learning

XBRL US submitted a comment letter in response to the Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning. The Request was published by five federal agencies: the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve […more]

Friday, June 25, 2021

EC Consultation Paper on EFRAG Sustainability Reporting Standard Setting

The European Commission (EC) has announced a public consultation paper, EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting, that outlines requirements that will be followed in the European Financial Reporting Advisory Group’s (EFRAG) role as technical advisor to the EC in preparation for Sustainability Reporting Standards. EFRAG has been tasked with developing the draft […more]

Tuesday, June 22, 2021

XBRL US Comments on SEC Collection of NRSRO Ratings Data

XBRL US submitted a comment letter in response to the Securities and Exchange Commission (SEC) extension of data collection of Rule 17g-7 regarding disclosure requirements for credit rating agencies (Nationally Recognized Statistical Rating Organizations (NRSRO)). Credit ratings agencies today are required to report ratings data in XBRL format. Our letter expressed support for the continuation […more]

SEC Pilot for Implementation of Closed End Investment Company Rule

The Securities and Exchange Commission (SEC) announced that they will be conducting a pilot phase to implement their final rule, Securities Offering Reform for Closed-End Investment Companies. The pilot phase will start with the next major EDGAR system update in September 2021 for a 4 month period (ending January 31, 2022). The Closed-End Investment Company […more]

Tuesday, June 15, 2021

XBRL US Comments on SEC RFI on Climate Change Disclosures

XBRL US submitted a letter responding to the Securities and Exchange Commission (SEC) request for input on Climate Change Disclosures. Key recommendations made in the letter: The SEC should play a key role in the process of standardizing climate-related disclosures, to ensure that standards set globally are suited for U.S. listed companies, as many U.S. […more]

Tuesday, June 8, 2021

XBRL US Comments on FERC Data Collection of Utilities Identifiers

XBRL US submitted a letter to the Federal Energy Regulatory Commission (FERC) in response to their request for comment on Data Collection for Analytics and Surveillance and Market-Based Rate Purposes. The focus of the XBRL US letter was on the section in the proposal that market-based rate sellers provide utility identifiers for certain upstream affiliates […more]

Monday, May 24, 2021

SEC Commissioner Lee Speech on Materiality

SEC Commissioner Allison Herren Lee’s speech, Living in a Material World: Myths and Misconceptions about “Materiality”, addressed, among other topics, the importance of the investor in determining what is “material” and should be disclosed, including ESG-related data. The commissioner’s talk concluded with these remarks: “We must not operate under the false assumption that the securities laws […more]

Thursday, May 6, 2021

The Calcbench Insider: May 2021

In this issue:

• non-GAAP adjustments
• executive compensation
• Rite Aid Corp. and negative goodwill
• corporate income taxes