The Financial Accounting Standards Board (FASB) recently proposed some improvements to the GAAP Taxonomy for Income Taxes (Topic 740). This is meant to make income tax disclosures more transparent and useful for decision-making.
The past few weeks have been chaotic in global financial markets, including a run on Silicon Valley Bank, quickly followed up with a wave of panic uncertainty around Credit Suisse, with both deposit-taking institutions subject to rapid regulatory resolution over the past couple of weekends.
The International Financial Reporting Standards (IFRS) Foundation has issued its annual XBRL taxonomy updates for financial reporting, publishing the IFRS Accounting Taxonomy 2023 this week.
Financial regulation has been in the spotlight recently as uncertainty, driven by Silicon Valley Bank (SVB) in the US and Credit Suisse in the EU (see above), continues.
This week the Securities and Exchange Commission (SEC) held an open meeting to discuss amendments that introduce electronic filing and structured data for the remaining forms required under the Exchange Act that are still submitted in paper format.
Following the publication of the Calculations 1.1 specification as an XBRL Recommendation last month, the XBRL International Best Practices Board this week approved new guidance on optimal processes for adopting Calculations 1.1.
This week the US Securities and Exchange Commission (SEC) has accepted the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
This week the US Securities and Exchange Commission (SEC) upgraded the EDGAR System to Release 23.1, which means that it now supports the various 2023 taxonomies.
The International Accounting Standards Board (IASB) has this week completed the Targeted Standards-level review of Disclosure Project, designed to discover an improved approach to developing new disclosure standards.
A recent survey from Workiva and PwC found that two out of five US business leaders believe their company is not prepared for the climate risk disclosure rule set to be published by the US Securities and Exchange Commission (SEC) in May.
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