Just as the world is shifting to wholesale reliance on digital structured data, there remains an effort within the US Congress to exempt smaller US companies. We believe that would harm transparency, hurting investors and small companies alike.
XBRL International has responded with a range of suggestions to the SEC’s call for comments on its proposals to shift to Inline XBRL.
The U.S. Senate voted on Tuesday to confirm attorney Jay Clayton to head the Securities and Exchange Commission (SEC). Mr Clayton has a long career as a Wall Street attorney, including as a Partner in the prominent law firm Sullivan & Cromwell. At his confirmation hearing Mr Clayton indicated that his work would include a […]
The SEC is seeking input on its proposals to switch from XBRL to iXBRL for financial statement filings for companies and mutual funds. The practical impact of this change would include a shift from “dual” filing, in which an HTML financial disclosure is filed as well as a separate XBRL document. Instead a single Inline […]
With around 300 SEC issuers in Canada (companies that have raised money on US markets) it is significantly impacted by the new IFRS FPI rules published by the SEC. XBRL Canada will hold a webinar on 24 May to help local firms understand the requirements to prepare XBRL or iXBRL versions of their accounts from […]
OFR Speaks Out on Regulatory Burden. The spirit of the founding US Treasurer, Alexander Hamilton, seems alive and well at that agency. At the recent Financial Data Summit held in Washington, the Director of the Treasury’s Office of Financial Research, Dick Berner described the importance, to that agency, of reducing regulatory burden, describing the way […]
On 28 February the SEC proposed a rule to mandate the use of Inline XBRL for public company reporting. The intention is to improve the quality of the data, benefit investors, market participants and other data users, and also to decrease over time the costs involved in preparing the data for submission to the regulator […]
To underline the point made in the previous article, this week the SEC rejected an application to create the first bitcoin-backed exchanged trade fund or ETF. The application came from the sometimes controversial Winklevoss twins, which may or may not have had anything to do with the result. Based on the SEC’s decision, it seems unlikely that […]
Hot on the heels of announcements from the European regulator, ESMA and the US regulator, the SEC, that IFRS disclosures will shortly need to be made digitally, the IASB announced yesterday that the 2017 IFRS Taxonomy is available, representing the IFRS accounting standards as they stand on 1 January 2017. The IFRS taxonomy has been […]
It’s clearly a big week for taxonomy updates, with the US SEC also announcing that its EDGAR system has been updated to accept filings that conform to the 2017 US GAAP taxonomy that was published by the FASB in December. A number of other, more minor changes were made at the same time, as well […]