Media

Thursday, November 19, 2020

SEC Adopted Final Rule on MD&A – Opts Not to Require Structured Data

On November 19, the Securities and Exchange Commission adopted the final rule Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information. The final amendments do not require registrants to structure disclosures required by the amendments in a machine-readable format as we proposed in the XBRL US comment letter submitted. Our comment letter suggested […more]

Tuesday, November 17, 2020

SEC Commissioner Lee “The Promise of Structured Data” at XBRL US Investor Forum

SEC Commissioner Allison Herren Lee gave a keynote presentation “The Promise of Structured Data: True Modernization of Disclosure Effectiveness” at the XBRL US Investor Forum: Ready for Anything – Using Data in Perilous Times.  Her speech focused on the importance of data quality (and notes the contribution to quality improvements made by the XBRL US […more]

Tuesday, November 10, 2020

SEC Commissioner Lee on Standardized Sustainability Metrics From Financial Institutions

Keynote remarks from Securities and Exchange Commissioner Allison Herren Lee at PLI’s 52nd Annual Institute on Securities Regulation on November 5, addressed “Playing the Long Game: The Intersection of Climate Change Risk and Financial Regulation”.  Commissioner Lee noted in her talk: “… investors, asset managers responsible for trillions in investments, issuers, lenders, credit rating agencies, analysts, […more]

Thursday, November 5, 2020

SEC Finalizes Amendments to Modernize Disclosure for Open End Management Investment Companies

The Securities and Exchange Commission published a rule proposal to the Federal Register, Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements, which aims to modernize the disclosure framework for open end management investment companies. […more]

SEC Announces IFRS Publishes Proposed Updates to IFRS Taxonomy 2020

The Securities and Exchange Commission announced that the IFRS Foundation has published a proposed update to the IFRS Taxonomy 2020 for public comment. The taxonomy updates address topics including earnings per share, employee benefits expenses and share-based payment expenses, as well as the effect of changes in foreign exchange rates. Comments should be sent directly […more]

SEC Announces FASB Public Review of XBRL US Data Quality (DQC) Rules Taxonomy

The Securities and Exchange Commission announced that the FASB has issued a proposed XBRL US Data Quality Committee (DQC) Rules Taxonomy, along with a Technical Guide on the US GAAP Taxonomy and the DQC Rules Taxonomy. Read the SEC announcement Visit the Taxonomy Read the FASB Technical Guide

Friday, October 9, 2020

XBRL US Letter to SEC COO on SEC Proposal on Fee-Based Filing Pilot

The XBRL US Regulatory Modernization Working Group, led by chair John Truzzolino, sent a letter to the SEC COO Kenneth Johnson to make suggestions related to the establishment of a pilot program for the SEC proposal on Filing Fee Disclosures and Payments Modernization. Suggestions made include allowing vendors access to an EDGAR testing system prior […more]

Wednesday, October 7, 2020

SEC Finalizes Amendments to Modernize Regulation S-K Items 101, 103, and 105

The Securities and Exchange Commission adopted amendments to modernize Regulation S-K Items 101, 103, and 105 which cover the description of business, legal proceedings, and risk factor disclosures with a goal to improve the readability of disclosure documents and discourage repetition and disclosure of information that is not material. The Commission opted against taking the […more]

Tuesday, October 6, 2020

IFRS Foundation Publishes Sustainability Reporting Consultation Paper

The IFRS Foundation published a Consultation Paper on Sustainability Reporting with comments required by December 31, 2020. The paper outlines the current and increasing demand for sustainability information from audiences including investors, the corporate sector, central banks, market regulators, public policy makers, auditing firms and other service providers. The paper proposes three options: 1) maintain […more]

Monday, October 5, 2020

XBRL US Comments on SEC Proposal on Administration of EDGAR System

XBRL US submitted a comment letter to the SEC responding to their proposal, Administration of the EDGAR System. The proposal sought feedback on SEC actions that may be taken to promote the reliability and integrity of EDGAR submissions. They named triggering events that could result in SEC actions such as redacting information from a filing, removal […more]