The Task Force on Climate-related Financial Disclosures (TCFD) have published their second Status Report, analysing the extent to which companies have aligned their disclosures with the TCFD’s core recommendations. The Status Report has found an encouraging steady increase in the support for TCFD recommendations – with more than 800 organizations expressing support – and has […]
On 10 June the US Securities and Exchange Commission (SEC) announced that the EDGAR system has been updated to version 19.2. Amongst other changes, the latest update to EDGAR ensures it can support the 2019 IFRS Taxonomy, and EDGAR version 19.2 will no longer support the 2017 US GAAP, 2016 Currencies, 2014 DEI and 2017 […]
Global markets have, in theory, recognised the need for climate-related-risk reporting – but in practice, implementing effective disclosure practices can be a daunting task. More than 600 organisations have shown support for the Task Force on Climate Related Disclosure’s proposals; however, take-up has been slow, with a number of companies calling for more practical guidance. To […]
The Securities and Exchange Commission (SEC) has proposed amendments and improvements to disclosure rules relating to mergers and acquisitions (and the sale of business assets) and is now seeking comments. The amendments seek to balance the need to provide investors with the information they need to effectively understand the impact of significant acquisitions or disposals with the […]
Harvard Law School’s Forum on Corporate Governance and Financial Regulation have published a deep dive into the SEC’s most recent disclosure amendments as part of their series on disclosure simplification.
The highly influential Council for Institutional Investment (CII) have joined XBRL US and the CFA Institute in voicing their support for the SEC’s current quarterly reporting system. In December the SEC posted a request for input on the effects of mandated quarterly reporting and earnings releases. They were looking for comments on the nature, content and timing of reporting, […]
The UK’s Prudential Regulation Authority (PRA) has published a consultation paper (Consultation Paper 8/19) revising the supervision of international banks – which includes a proposal to replace the current Excel reporting format for Branch Return Forms with XBRL. The proposal would affect all PRA-supervised branches of deposit takers and investment firms which are not headquartered […]
The Global Reporting Initiative (GRI) has now published an open letter arguing that Environmental, Social and Governance (ESG) information is now crucial for investors, in response to the speech (above) by IASB Board Chair. In that speech Hans Hoogervorst, pointed out that “greenwashing is rampant” in sustainability reporting. The GRI suggest that this argument misrepresents […]
More and more markets around the world are shifting to Inline XBRL. Interesting news out of the SEC at the end of March – the US regulator will introduce mandated Inline XBRL tagging for the cover sheets of a number of key documents. Already shifting financial statement disclosures for SEC registrant public companies (both foreign […]
The SEC has proposed reforms to the rules governing Business Development Companies (BDC) and Registered Closed-End Funds that would require these funds to report information in structured data.
The amendment is in support of the SEC’s implementation of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act. BDC’s primarily invest in small and developing companies, so ensuring these funds have an efficient approach to raising capital and good investment communication should help support small business.