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Latest News

Monday, March 9, 2020

XBRL US CAFR Taxonomy Released with New Statements, Schedules and Footnotes

Now includes Single Audit Report schedules for municipalities and other federal grantees XBRL US announced today the public review of the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy, which now includes seven financial statements, two footnotes, and two schedules from the Single Audit Report. The taxonomy will be published for a […more]

News

Tuesday, February 25, 2020

BEA Proposes Amendments to International Services Surveys Including Use of LEI

On February 25, 2020, the Bureau of Economic Analysis (BEA) proposed a number of amendments to the mandatory BE-180 Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons. This survey will apply to the 2019 fiscal reporting year. This mandatory benchmark survey, conducted under the authority of the International Investment […more]

XBRL US Comments on SEC Proposal: Filing Fee Disclosure & Payment Methods Modernization

XBRL US submitted a comment letter weighing in on the SEC proposal that fees and calculation tables in fee-based tables be prepared in Inline XBRL format. XBRL US supports the proposal and agrees with the Commission that structuring fee data will improve the efficiencies of the fee validation process for SEC staff, and will increase […more]

Monday, February 24, 2020

SEC Announces EDGAR Update for 2020 Taxonomies

The Securities and Exchange Commission announced that the EDGAR system would be updated to handle the following taxonomies on March 9, 2020: US GAAP 2020 Taxonomy SEC Reporting 2020 Taxonomy COUNTRY 2020 Taxonomy CURRENCY 2020 Taxonomy EXCH 2020 Taxonomy SIC 2020 Taxonomy In addition, the Commission will remove the 2012 and 2013 INVEST Taxonomies from […more]

Tuesday, February 18, 2020

XBRL Data Quality Checks Available in FASB US GAAP Financial Reporting Taxonomy

XBRL US announced today that the Financial Accounting Standards Board (FASB) has incorporated freely available validation rules into the 2020 release of the US GAAP Financial Reporting Taxonomy. The rules, developed by the XBRL US Data Quality Committee (DQC) are used by public company filers to identify and resolve errors in their XBRL financials prior […more]

Tuesday, February 11, 2020

SEC Updates Interactive Data Test Suite

The Securities and Exchange Commission (SEC) has updated their Interactive Data Test Suite, which is located at https://www.sec.gov/structureddata/osdinteractivedatatestsuite. The test suite is designed to assist filers using software to validate their XBRL filing prior to EDGAR submission. For a summary of changes, see the change log on the last page of the summary file (https://www.sec.gov/info/edgar/ednews/efmtest/efm-53.1d-200210.zip). Comments […more]

Monday, February 10, 2020

SEC Fixed Income Markets Advisory Committee (FIMSAC) Addresses Muni Transparency

The Securities and Exchange Commission’s Fixed Income Markets Advisory Committee held a meeting on February 10, 2020 including a panel on “Draft Municipal Securities Transparency Recommendation Regarding Timeliness of Municipal Issuer Disclosures”. Speakers on the panel were: Geidre Ball, Metropolitan Washington Airports Authority Emily Brock, Government Finance Officers Association Akiko Mitsui, Vanguard Hannah Sullivan, Fidelity […more]

Tuesday, February 4, 2020

Illinois House Resolution Encourages XBRL Use by Local Governments

The state of Illinois introduced House Resolution (HR 0703) on February 4, 2020, to encourage the use of XBRL for financial reporting by local governments within the state.  The resolution notes: “Will County Auditor Duffy Blackburn has been the first county official in the country to publish the county’s Comprehensive Annual Financial Report (CAFR) for […more]

Thursday, January 30, 2020

SEC Proposes Reg S-K Modernization, Including MD&A

The Securities and Exchange Commission (SEC) announced rule amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The amendments include eliminating Item 301 of Regulation S-K, Selected Financial Data and Item 302 of Regulation S-K, Supplementary Financial Information to eliminate duplication. The rule also includes an amendment to Item 303 of […more]

Thursday, January 23, 2020

SEC Announces Conference on Municipal Securities Disclosures

The Securities and Exchange Commission announced that they are scheduling a conference titled “Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices” to be held on March 10  at SEC headquarters in Washington D.C. from 9:30 a.m. to 4 p.m. The event will be open to the public, with advance pre-registration available here. A livestream of the […more]