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Monday, November 26, 2018

XBRL US Submits Comment Letter RE: SEC Municipal Conference

XBRL US submitted a comment letter to the Securities and Exchange Commission (SEC) related to their December 6, 2018 conference, The Road Ahead: Municipal Securities Disclosures in an Evolving Market. Our letter explained the work of the XBRL US State & Local Working Group to develop financial data standards for municipal reporting and urged the […more]

Tuesday, November 20, 2018

SEC Staff Find IFRS Filers Have Higher Custom Tag Rate Than US GAAP Filers

Staff in the Securities and Exchange Commission’s Division of Economic Risk and Analysis (DERA) analyzed XBRL submissions by IFRS filers to review custom tag rates. The purpose of the analysis was to determine whether IFRS filers, in their first year of required XBRL submissions, were being consistent in their use of custom tags with other […more]

Monday, November 19, 2018

SEC Posts Draft EDGAR Filer Manual

The Securities and Exchange Commission has posted a draft EDGAR manual. The changes outlined in the draft manual, if approved, are scheduled to take effect on December 17, 2018 and January 28, 2019 for non-rule based changes or on the rule effective date for changes related to SEC rules. See SEC Final Rules posted on […more]

Thursday, November 1, 2018

XBRL US Announces RDG Filings 2019 Support for Center for Data Quality

XBRL US announced today that RDG Filings, a full service XBRL preparation and provider of disclosure management tools, has renewed their membership in the XBRL US Center for Data Quality for 2019. The Center for Data Quality is an industry-driven collaborative with a mission to address the public’s concerns about the quality and usability of […more]

Wednesday, October 31, 2018

SEC Rule Proposal on Variable Annuity and Variable Life Insurance Contracts Includes Inline XBRL

The Securities and Exchange Commission published a rule proposal on “Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts” that would require the use of Inline XBRL. The proposal notes: “We are proposing to require the use of the Inline XBRL format for the submission of certain required disclosures in […more]

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NASBP Pipeline Article: Is Manual Data Entry Dead?

The gruesome (and grueling) days of painful re-keying of data may be coming to an end. Could data standards be the magic bullet? The National Association of Surety Bond Producers (NASBP) has been touting the value of financial data standards for several years now. Why data standards? Because they are a proven tool to eliminate […more]

Tuesday, October 30, 2018

XBRL US Responds to SEC Request for Comment on Fund Retail Investor Experience

XBRL US submitted a letter in response to the SEC’s Request for Comment about the Fund Retail Investor Experience. Thanks goes to our members who joined a short-term working group to discuss and prepare the letter. The letter explains the benefits of data standards and in particular, how they benefit retail investors: “While few retail […more]

Tuesday, October 23, 2018

SEC Commissioner Kara Stein Speech on “Improving Information for Investors in the Digital Age”

SEC Commissioner Kara Stein gave an address to the Council of Institutional Investors named “Improving Information for Investors in the Digital Age”. Here are some notable quotes from the Commissioner: …Just a few weeks ago, a group of institutional investors, asset managers, state treasurers, and others petitioned the SEC. They asked the Commission to require […more]

Thursday, October 18, 2018

SEC Launches FinHub for Innovation and Financial Technology

SEC Launches Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC’s FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. FinHub activities include: 1) Provide a portal for industry and the public […more]

Wednesday, October 17, 2018

IFRS Foundation Proposes Updates to IFRS Taxonomy 2018

IFRS Foundation Proposes Updates to IFRS Taxonomy 2018, Requests Comment During a Public Review. The Proposed Update includes common reporting practice for disclosure requirements in IFRS 13, such as: 1) sensitivity of fair value measurement to changes in unobservable inputs; and 2) quantitative information about significant unobservable inputs used in fair value measurement. The public comment […more]