The FASB staff this week released proposals on improvements for the US GAAP Taxonomy on Leases and Statistical Disclosures for Banks and Savings and Loan Registrants. The details, together with details on when and how to comment on the proposals are here.
Alternative Trading Systems (ATS) tend to be less regulated than official exchanges. Offering a similar service, ATS primarily provide a place to match buyers and sellers for transactions, mainly securities, with minimal rules of conduct.
Could municipal bond markets be due a shakeup? In an article on Forbes this week Barnet Sherman makes the case for a system-wide upgrade of muni markets, citing XBRL as the tool to take municipal disclosures into the 21st century.
With the idea that knowledge is transformative sitting at the heart of most educational institutions, it is perhaps unsurprising that a college is currently at the vanguard of structured municipal reporting in the US.
The Covid-19 crisis has prompted unprecedented, large-scale relief programmes in the US, creating new data collection needs that could benefit from the XBRL standard.
XBRL has a number of exciting projects in the pipeline – not least the expansion of structured, machine-readable data to all of Europe with next year’s ESEF mandate. However, sometimes it’s worth looking backwards to take note of successful implementations that have been humming along for some time now.
Rachel Carpenter, CEO of Intrinio, recently highlighted the many benefits proper XBRL filing implementation would offer US municipalities.
Earlier this week the Securities and Exchange Commission (SEC) published the draft 2021 SEC Taxonomies for public review and comment.
You may recall from the newsletter last week the announcement of the Recommended Extensible Enumerations 2.0 specification – which powers extensible lists within XBRL reports – being implemented by the Financial Accounting Standards Board (FASB) for use with SEC filings from 2021.
Should the federal funds being used to boost US state and local budgets after a steep Covid-19-induced decline be dependent on better transparency?
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