Novaworks will host another free webinar geared toward investors, state and local governments and other market participants to explore the changes that are coming with the Financial Data Transparency Act (FDTA). There are several opportunities to attend this hour-long webinar with the next one being offered on Tuesday, September 3, 2024, at 3:00 p.m. ET. When registering, attendees simply choose the date and time that works best. Continue reading "Novaworks Offers Webinar: Exploring the Impact..." »

On August 21st, the SEC adopted a rule to update the dollar threshold for a fund to qualify as a “qualifying venture capital fund” for section 3(c)(1) of the Investment Company Act of 1940. Qualifying venture capital funds are not included in the Act’s definition of an “investment company.” Continue reading "SEC Rule Modernizes Definition of Qualifying..." »

XBRL US has announced that KPMG will host a conference to discuss the importance of transparency regarding digital data reporting for climate, business, and government. Presenters also will address the impact of digital requirements introduced by the Financial Data Transparency Act (FDTA) and a number of climate rules under which reporting entities must be in compliance with digital data standards by preparing submissions in Inline XBRL, a structured, machine-readable format that meets these disclosure requirements. Continue reading "XBRL US Opens Registration for November..." »

The SEC’s Division of Investment Management will hold an open meeting via webcast on sec.gov that will take place on Wednesday, August 28, 2024, at 10:00 a.m. ET. The meeting is open for the public to attend. {expires: 2024-08-29} Continue reading "SEC’s Division of Investment Management to Hold..." »

The SEC has released its draft of the EDGAR® Filer Manual, Volume II: “EDGAR Filing” (Version 71) to prepare issuers for potential updates to the EDGAR system scheduled to be introduced in EDGAR Release 24.3 on September 16, 2024. Continue reading "SEC Releases Current Draft EDGAR Filer Manual" »

The SEC’s Office of the Chief Accountant has announced an open meeting on Tuesday, August 20, 2024, beginning at 10:00 a.m. The meeting is open for the public to attend and will be webcast on sec.gov. {expires: 2024-08-21} Continue reading "SEC’s Office of the Chief Accountant to Hold..." »

Carbon Accountable, a climate data policy initiative that focuses on corporate transparency responsibilities related to greenhouse gas emissions (GHG), has recently released a paper on the use of structured data in GHG emissions reporting. This is specifically in reference to California’s Climate Corporate Data Accountability Act but could influence additional mandates and rules. Continue reading "Carbon Accountable Publishes Paper on GHG..." »

On August 6th, the Financial Accounting Standards Board (FASB) issued its 2024 Investor Outreach Report, which is now available through the FASB’s Investor Web Portal. The report details the investor outreach program, the program’s activities during the last year, and ways the FASB intends to continue expanding on its goals to broaden investor outreach efforts. The viewpoints of investors enhance the FASB’s ability to develop effective standards, so the organization places special importance on pursuing a number of efforts to interact with stakeholders. Continue reading "FASB Publishes 2024 Investor Outreach Report" »

The Financial Accounting Standards Board (FASB) has re-exposed for public comment proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update is intended to enhance disclosures related to a public business entity’s expenses. The update is designed also to address the requests of investors for more comprehensive data about the types of expenses in commonly presented expense captions. Continue reading "FASB Re-Exposes Proposed GAAP Taxonomy..." »

XBRL US’ Data Quality Committee (DQC) will host an online meeting for industry leaders to discuss plans to implement rules and guidance for public companies complying with the SEC’s XBRL requirements. The two-hour webinar will take place on Wednesday, September 25, 2024, and will begin at 10:00 a.m. ET. {expires: 2024-09-26} Continue reading "XBRL US Staff to Host Data Quality Committee..." »

The XBRL US Center for Data Quality has opened the Version 25 public exposure period for review and comment, which concludes on September 9, 2024. This version includes automated checks and rule updates for filers using the US GAAP and IFRS taxonomies from July 23, 2024, through September 9, 2024. Continue reading "XBRL US Launches Public Review for Version 25..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Employee Benefit Plans (Including Defined Contribution Plans Filing SEC Form 11-K), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed Guide is designed to provide the framework for the reporting by employee benefit plans through illustrations and examples. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed guide is designed to illustrate how income taxes are reported under FASB Accounting Standards Codification Topic 740. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Publishes Proposed Taxonomy Implementation..." »

On August 2nd, the SEC proposed joint data standards under the Financial Data Transparency Act of 2022 (FDTA) that would establish technical standards for data submitted to certain financial regulatory agencies, making financial data more accessible, uniform, and useful to the public. The joint data standards would make it easier for financial institutions to file reports across multiple agencies and help regulators carry out the SEC’s oversight functions with greater efficacy. Continue reading "Fact Sheet Available for Proposed Joint Data..." »

The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. Continue reading "FASB Publishes Proposed GAAP Taxonomy..." »