Staff from the SEC’s Division of Economic and Risk Analysis (DERA) have published the trend of custom tag usage in XBRL submissions for financial reporting in accordance with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) from fiscal years 2018 through 2020. When the standard XBRL taxonomy does not provide an appropriate element to tag the disclosure, the SEC’s rules allow filers to create custom tags. This modification accommodates special circumstances in a filer’s particular disclosure, but the SEC has recognized that using custom tags could potentially decrease the comparability of inter-company data. For this reason, the SEC’s rules specify the limited circumstances under which a filer is permitted to create custom tags. Continue reading "SEC Releases Trend of Custom Tag Rates in XBRL..." »

Following its upgrade to Release 21.2, the EDGAR system began supporting the 2021 International Financial Reporting Standards (IFRS) Taxonomy. The 2021 IFRS Taxonomy is consistent with that of the International Accounting Standards Board which was made available on the its website on March 24, 2021. Continue reading "SEC Issues XBRL Taxonomy Update" »

The SEC has announced that it will release EDGAR 21.2 on Monday, June 21. This update will introduce multiple changes to the EDGAR filing website, as well as various changes to Form N-CEN and the introduction of the IFRS 2021 XBRL Taxonomy. Continue reading "SEC Announces EDGAR Release 21.2" »

The XBRL US Data Quality Committee (DQC) will host a webinar to discuss the recently published 15th Ruleset, which is comprised of nine rules specific to US GAAP filers and IFRS filers. The virtual event will take place on Wednesday, May 12, 2021, from 2:00 p.m. to 3:00 p.m. EDT. This event allows the DQC the opportunity to review the impact of the rules on data quality reported through the SEC program and to clarify the new draft rules. Proposed Ruleset 15 covers a range of potential error types and will warn filers of possible problems within thousands of filings. These rules are designed to identify errors which range from incorrect use of certain axes to problems in the consistency of facts reported over time. {expires: 2021-05-13} Continue reading "XBRL US DQC to Host Webinar to Discuss Newest..." »

On April 20, 2021, XBRL US announced that it is requesting public review and comment on the fifteenth release of the Data Quality Committee (DQC) rules. The DQC is responsible for developing guidance and validation rules that can: 1) prevent or detect errors or inconsistencies in XBRL data filed with the SEC; and 2) reduce the negative impact on the timeliness and accuracy of reported financial information. {expires: 2021-06-01}
Continue reading "XBRL US DQC Releases Ruleset 15" »

After meeting March 2-4, 2021, the International Financial Reporting Standards (IFRS) Foundation’s trustees have announced plans to continue the IFRS Foundation’s endeavor of establishing an international sustainability reporting standards board within the current administration of the foundation. The decision was based on the encouragement received in comments concerning the Consultation Paper on Sustainability Reporting, which was published in 2020. Also, in February 2021, the International Organization of Securities Commissions (IOSCO) has indicated its intention to work with the IFRS Foundation to develop a plan to establish a new board to set sustainability standards that will meet the needs of the capital markets. Continue reading "IFRS to Proceed with Formation of International..." »

XBRL US is seeking public review and comment on the fourteenth release of the Data Quality Committee (DQC) rules. The DQC rulesets are intended to help filers avoid mistakes and data inconsistencies which in turn reduces negative effects on the accuracy and timeliness of reported financial information.
Continue reading "XBRL US DQC Releases Ruleset 14" »

In 2019, the Federal Energy Regulatory Commission (FERC) revised its electronic filing format to incorporate structured data in the eXtensible Business Reporting Language (XBRL) format. As has been the case with other federal regulators, the move to adopt XBRL is being undertaken to modernize the reporting environment and increase efficiency in submitting and consuming data. Broad support across the industry also helped drive the action.
Continue reading "What Is the FERC XBRL Mandate?" »

On September 11th, 2020, the SEC announced that it has adopted the final rule for its update of statistical disclosures for bank and savings and loan registrants. The rule modifies required disclosures and classifies certain disclosures in a new Subpart 1400 of Regulation S-K. It reduces duplicative or overly similar disclosure items in other SEC rules and requirements in US GAAP and IFRS. It also replaces Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes are intended to help investors have access to more meaningful, relevant information about these registrants, which will facilitate their investment and voting decisions. Continue reading "SEC Announces Final Rule for Update of..." »

The SEC’s Division of Economic and Risk Analysis (DERA) recently released its analysis of custom tag usage in financial filings submitted to the SEC. The analysis covered XBRL financial data submitted with Forms 20-F, 20-F/A, 40-F and 40-F/A from January 2017 to December 2019 by filers preparing their reports using International Financial Reporting Standards (IFRS), which is issued by the International Accounting Standards Board. The analysis focused on trends in filers’ use of custom tags in their XBRL financial data for these forms during the last three years in two categories: 1) Financial statements (F/S) only and 2) F/S and notes.
Continue reading "IFRS Trend Analysis 2019" »

XBRL US seeks public review and comment on version 11 of the Data Quality Committee (DQC) rules. The DQC rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The eleventh set of rules includes guidance for issuers using either the US GAAP or IFRS taxonomies.

Continue reading "XBRL US Releases Data Quality Committee Ruleset 11" »

The XBRL US Center for Data Quality has released the eighth set of rules and is seeking comment during a public exposure period ending February 1, 2019. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. This release includes rules for issuers using either the US-GAAP or IFRS taxonomies.

Continue reading "XBRL US Data Quality Releases Eighth Ruleset..." »