Media

Thursday, June 20, 2019

Navigating New Developments in Financial Reporting

According to a report from the Financial Reporting Council’s Financial Reporting Lab (PDF), XBRL (eXtensible Business Reporting Language) will play a central role in the movement toward the digitalization of corporate reporting. And with regulators in over 60 countries using XBRL for corporate reporting, I agree with the report’s recommendation that regulators, companies and investors […more]

FERC Adopts XBRL for Utilities Reporting

The Federal Energy Regulatory Commission (FERC) announced that they are adopting the XBRL standard for utilities reporting on Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714. The final rule states: “The use of XBRL will make the information in these forms easier for filers to submit and […more]

Wednesday, June 19, 2019

GREAT Act for Grants Reporting, Passes Committee on Homeland Security & Govt Affairs

The GREAT Act (H.R. 150, S. 1829) was passed by the Senate Committee on Homeland Security and Governmental Affairs. The bill will next go to the full Senate for a vote. The bill calls for the creation of government-wide data standards to be used by grants recipients, as noted in the section of the bill […more]

SEC News from Novaworks Software

Posted this month: SEC Requests Public Comment on Ways to Improve the Exempt Offering Framework SEC Updates List of Firms Using Inaccurate Information to Solicit Investors Updated Application for First-time EDGAR Filers’ Form ID SEC Enhances Protections and Preserves Choice for Retail Investors Notice Regarding EDGAR Password Expiration Date SEC Releases EDGAR 19.2

California Senate Bill 598 Moves to Assembly

The California State Assembly, Committee on Local Government, unanimously (8 to 0) approved SB 598, the Open Financial Statements Act. If signed into law, this bill requires the creation of the Open Financial Statements Commission, a 9-member commission in the State Treasurer’s office, comprised of a representative from the Controller’s office, a representative from the […more]

Tuesday, June 18, 2019

SEC Publishes Concept Release to Harmonize Exempt Offerings

The SEC published a concept release on ways to ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor protections and to promote capital formation. One of the goals of the Commission is to facilitate a company’s ability to transition from one offering to another or to […more]

Tuesday, June 11, 2019

California Senate Bill 598 Moves to State Assembly Committee

California Senate Bill 598 is now moving to the State Assembly and will be considered in a hearing of the Local Government Committee on June 19, 2019. XBRL US has submitted a second letter of support to this committee based on the current version of the legislation. Read the letter: XBRL US Supports SB 598 June […more]

Monday, June 10, 2019

XBRL US Comments on SEC Proposal: Securities Offering Reform for Closed-End Investment Companies

XBRL US submitted a comment letter to the SEC concerning their proposal for Securities Offering Reform for Closed-End Investment Companies. This proposal, if passed as currently written, will require the use of Inline XBRL for financial data submitted to the Commission by Business Development Companies, for prospectus’ and for data on certain forms. The XBRL […more]

SEC Upgrades EDGAR to Release 19.2, Publishes DEI Taxonomy

On June 10, 2019, the SEC upgraded the EDGAR System to Release 19.2 to support the 2019 Document and Entity Information (DEI) Taxonomy which now contains new elements to facilitate compliance with cover page tagging of Forms 10-K, 10-Q, 8-K, 20-F and 40-F. Read the release.  

Thursday, June 6, 2019

The Calcbench Insider: June 2019

In this issue:

• Trends in capex spending
• Calcbench insights on charge-offs
• How to find earnings release data
• Speaking Out: Disclosure for ‘BDCs’
• Geeking Out on the Filings – the legal marijuana industry and inventory