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.
2017 GAAP Financial Reporting Taxonomy Released
The Financial Accounting Standards Board (“FASB”) announced last month that the 2017 GAAP Financial Reporting Taxonomy is now available. The 2017 GAAP Taxonomy features accounting standards updates and various improvements to the Taxonomy in practice by Securities and Exchange Commission issuers. The GAAP Financial Reporting Taxonomy lists computer-readable tags in eXtensible Business Reporting Language (XBRL), allowing companies to tag financial data included in long-form financial statements and footnote disclosures. The tags help computers automatically search for, collect, and process data to be accessed and evaluated. A news release on the 2017 GAAP Financial Reporting Taxonomy is available on FASB.org.
SEC Releases New Documents on XBRL-Based Filings
Related to filings using eXtensible Business Reporting Language (XBRL), the U.S. Securities and Exchange Commission (“SEC”) has issued Staff Observations of Custom Tag Rates (“the Report”) and Sample Letter Sent to Public Companies Regarding XBRL Requirement to Include Calculation Relationships (“the Letter”). Per the SEC, the Report will help review the quality of XBRL exhibits issuers present to meet the agency’s requirements in filing financial statement information via XBRL format. The review will assist the SEC in defining a starting point for filers tagging financial statements when filing electronically, including how their actions have changes since completing the phase-in of issuer and. Read More.