Smaller Companies Spending Less on XBRL Filings
According to a recent survey from the American Institute of Certified Public Accountants (“AICPA”), filing financial data in an interactive format has become less of a financial burden on small public companies. Last year, average eXtensible Business Reporting Language (“XBRL”) costs for smaller reporting companies were $5,476. The 2017 figure is a 45-percent drop from 2014, when average XBRL costs totaled $10,000. About 68.6 percent of the smaller reporting companies surveyed (1,032 companies) paid less than $5,500 last year for their XBRL filing. Compared to 2014, only 29.9 percent of companies spent that amount. Also last year, 581 companies spent. Read More.
New SEC Rule Issued for Inline XBRL
The Securities and Exchange Commission (“SEC”) has adopted a final rule that amends its requirements for using the eXtensible Business Reporting Language (“XBRL”) in regulatory filings. According to the final rule, companies that use XBRL must embed the interactive data instructions directly into their regulatory filing’s financial statements while being prepared. For shareholder reports, mutual funds must use inline XBRL when preparing risk/return summaries. The rule change is likely to speed up the time necessary to prepare a financial statement in XBRL and manage the appearance of footnote disclosures in an interactive data format. In addition, the rule is expected. Read More.
XBRL Frequently Asked Questions Updated
This week, Securities and Exchange Commission (“SEC”) staff members revised the FAQs on the IFRS Taxonomy . The updated version offers additional contact clarification and information for questions regarding structuring disclosures using the IFRS Taxonomy. Additionally, Foreign Private Issuers that prepare financial statements in compliance with International Financial Reporting Standards and are bound by Rule 405 of Regulation S-T must submit their financial statements in eXtensible Business Reporting Language (“XBRL”) via an IFRS Taxonomy listed on the agency’s website. The updated FAQs are available at SEC.gov.
Public Companies Must Add Hyperlinks to Regulatory Filings
Securities and Exchange Commission (“SEC”) Chair Kara Stein and Acting Chair Mike Piwowar have approved a rule requiring public companies to insert hyperlinks to the exhibits in their regulatory filings. Announced on March 1, the final rule calls for hyperlinks to each exhibit in a regulatory filing’s index to be included with a public company’s annual and quarterly reports as well as registration statements submitted via the SEC’s EDGAR system and formatted in HTML format. The rule does not apply to electronic exhibits for asset-backed securities offerings recorded on Form ABS-EE or exhibits kept under the eXtensible Business Reporting language. Read More.
FASB 2017 Accounting Support Fee Approved
The Securities and Exchange Commission (“SEC”) has approved the fees that the Financial Accounting Standards Board (“FASB”) uses to aid operations. In issuing Release No. 33-10297, Order Regarding Review of FASB Accounting Support Fee For 2017 Under Section 109 of the Sarbanes-Oxley Act Of 2002, the SEC requested that the FASB review the financial reporting taxonomy for presenting financial statements in the eXtensible Business Reporting Language. The FASB must also submit its findings prior to the SEC’s consideration for the 2018 support fee. In addition, the SEC wants to be informed about the FASB’s filled vacancies and efforts to improve. Read More.