All XBRL articles – Page 2
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Blog
SEC staff call out custom axis tag use in XBRL filings
The SEC is advising companies to take a careful look at their use of axis tags in their XBRL filings. The SEC has been studying corporate filings from 2013 to 2015 in the “XBRL format looking for problems that lead to data quality concerns, with axis tags being one such ...
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Blog
FASB, SEC offer new insights on XBRL
The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL. The newest guide is the latest in a ...
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Blog
House advances controversial slate of SEC rule changes
A legislative package, recently passed by the House of Representatives, is drawing fire from Democrats and the White House. The bills, bundled as the Capital Markets Improvement Act of 2016, include changes to current SEC rules pertaining to company-issued employee stock, broker-dealer research reports, M&A brokers, and the use of ...
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Blog
SEC Nudges Companies on XBRL Calculation Relationships
The SEC has updated its ongoing “Frequently Asked Questions” document on interactive data disclosures to address when calculation relationships, which provide key information to show relationships among elements and their corresponding numeric facts, are required in XBRL filings. The FAQs come in response to the SEC’s issuance of a “Dear ...
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Blog
2016 GAAP Taxonomy Ready for Use, Pending SEC Approval
FASB has released its final update of the 2016 GAAP Financial Reporting Taxonomy, pending acceptance by the SEC, to allow public companies to prepare to use it to complete their XBRL filings. The annual update allows FASB staff to make the taxonomy easier to navigate and more effective in reflecting ...
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Blog
FASB Explains Changes to 2016 GAAP Taxonomy
FASB has issued notes explaining the changes to the proposed 2016 XBRL taxonomy, including simplifying the income statement and the presentation of debt issuance costs, among other changes. “While some of these changes may impact a significant number of filers, the feedback received from constituents was to eliminate inconsistencies and ...
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Blog
Committee Suggests New Rules for XBRL Filings
A self-appointed committee of XBRL advocates has developed guidance and rules that will help preparers roll out better quality XBRL filings. The Securities and Exchange Commission requires that companies provide data in XBRL, but has done little beyond occasional public remarks for companies to improve the quality of their XBRL ...
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Blog
Consortium, Filing Agencies Form XBRL Quality Initiative
If the Securities and Exchange Commission is dragging its heels on enforcing the quality of data gathered through XBRL, then the market will do what it can to enhance quality on its own.
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Article
Q&A: The Battle for Better Disclosure Data
Image: As part of our ongoing series of conversations with compliance and risk experts, we spoke with Hudson Hollister, founder and executive director, Data Transparency Coalition, a trade association pursuing the publication of government information as standardized, machine-readable data. Hollister talks about the SEC’s efforts to modernize its disclosure regime ...
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Blog
Argument for Small-Company Compliance Exemptions
Image: Smaller public companies regularly lament that the costs of regulatory compliance are disproportionately large for them and serve little useful purpose for their investors. Sometimes those complaints aren’t worth more than a good eyeroll—but sometimes they have merit. This week, Editor Matt Kelly tells the tale of yet another ...
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Blog
Errors Persist Into 2014 Year-End XBRL Filings
Image: With another round of annual reports mostly filed through the early part of 2015, experts are assessing the quality of XBRL filings—and seeing not much improvement. Scale errors continue to be the most common problem, says Alex Rapp, co-founder of Calcbench. “Unfortunately, many filers don’t appear to realize this ...
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Blog
SEC Approves XBRL Updates for 2015 GAAP
The SEC has approved FASB’s XBRL taxonomy for 2015 U.S. Generally Accepted Accounting Principles, clearing the way for companies to rely on it as early 2015 filers approach their financial statement filing dates and XBRL submissions. According to FASB, the 2015 Taxonomy contains far fewer changes than prior years. More ...
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Blog
Houses Passes XBRL Exemption as Survey Reveals Costs
The House of Representatives passed legislation that includes an exemption for 60 percent of all public companies from the SEC requirement to submit interactive financial statement data using XBRL. Meanwhile, an American Institute of Certified Public Accountants and XBRL U.S. study showed that nearly 75 percent of the smallest public ...
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Blog
Republicans Move on Volcker Rule, XBRL
The new Republican majority in Congress launched its first strike against the Dodd-Frank Act last Wednesday, passing a bill that offers banks a semi-reprieve from the Volcker Rule and exempts small companies from filing financial statements tagged in XBRL. The legislation now moves to a Senate vote and is likely ...
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Article
XBRL Filing Frustrations Tilting Toward Resolution
Image: Good news for companies weary of the unfulfilled promises around publishing financial data using XBRL: Events are looming that promise either to halt the march toward XBRL compliance or finally shove its usage forward. “XBRL is not working,” says Hudson Hollister of the Data Transparency Coalition. “Instead of getting ...
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Blog
XBRL Repeal for Small Companies Fails
This week the House of Representatives looked for a two-thirds majority vote to push through a proposal to exempt companies with revenues below $250 million from the XBRL filing requirement. The measure fell short, gaining just 276 votes out of the needed 281. More inside.
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Blog
Missing XBRL, Late Filings, and Worse
Jan. 7—Enthusiasts of XBRL technology, including the SEC, like to talk about its potential as a tool to make financial information easier to use. That future remains unclear. Here and now, however, errors in XBRL filings might be serving a more practical purpose: They can indicate other financial reporting problems ...
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Blog
SEC Will Convert XBRL Filings Into New Public Databases
The SEC has announced the launch of a pilot program that will consolidate financial statements submitted by public companies using XBRL into databases that can be readily accessed by the public. The data sets, including financial statement data from XBRL filings, will be expanded in 2015 to include data in ...
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