SEC

XBRL US Data Quality Committee Approves 7th Ruleset

The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 7th Ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for a public review and comment period, which ends on February 1, 2019. The DQC rules and guidance are used by issuers to identify and correct errors in their SEC […]

XBRL Taxonomies

CFA Investor Forum Discusses Who’s Using XBRL and Why

At CFA’s Investor Forum 2017, a panel of industry experts discussed case studies that illustrate XBRL’s use in accounting and financial reporting and the rationale behind its adoption. This panel discussed different ways in which XBRL is employed in the financial sector. Included on the panel were Todd Castagno, Executive Director of Morgan Stanley, Christine Tan, Chief Research Officer and co-Founder of idaciti, and Mike Willis, Assistant Director of the Office of Structured Disclosure of […]

XBRL Tagging

Public Comments Available for SEC’s Proposal for Inline XBRL Tagging

In March, the SEC introduced proposed changes to include Inline XBRL Tagging in financial filings. The public comment period recently ended on May 16th, and the comments are available to read here. XBRL US offered one such comment on the proposed requirements to include Inline XBRL in financial filings, and in it expressed agreement that inclusion on Inline XBRL will help to improve the quality of reported structured financial data while reducing the burden on filers. […]

SEC

XBRL US Data Quality Committee Approves Sixth Ruleset for IFRS and US GAAP Filings

On May 31, 2018 the XBRL US Data Quality Committee (DQC) recently released its sixth ruleset regarding SEC (Securities and Exchange Commission) filings that use either the IFRS or US GAAP taxonomies, to provide guidance and aid for issuers in identifying errors in their XBRL filings. It aims to help the users to reduce the mistakes or errors or data inconsistency which can affect the analysis of the reported financial information. Here are some of the […]

XBRL Tagging

SEC Mandates Inline XBRL

On June 28, 2018, the Securities and Exchange Commission (SEC) voted to adopt amendments to the XBRL reporting requirements that would require registrants to use the Inline XBRL format for the submission of financial statement information and fund risk/return summary information. The amendments are intended to improve the quality and accessibility of XBRL data. Inline XBRL allows users to embed XBRL data directly into HyperText Markup Language (HTML) document. This combines the human-readable HTML document […]

XBRL Files

Structured data – Small and Midsize business

US House of Representatives Bill HR 5054, Small Company Disclosure Simplification Act of 2018, debated in context of the exemption, if enacted, granted to the emerging growth companies (Newly public companies with revenue below a specified threshold limit) and on temporary basis, certain small companies for the requirement of use of XBRL for SEC filing. Investor Perspective With the availability of Structured data, Investors and Analysts can not only research a greater number of companies […]

Financial Reports must be Machine Readable

Accountants have long tried to develop their reports so as to meet the needs of the users. Traditionally these users have been identified as investors, creditors and “other stakeholders”. Under the traditional approach, the reports have been printed, delivered to the users and used by them in making their decisions. More latterly, the reports have been presented in human readable form – same as the print version – on websites. Recent stats released by the […]

DIGITAL REPORTING - XHTML

Digital Future of Corporate Reporting

The UK’s FRC Lab issued a deep dive report in December that urges regulators, companies, investors and technology providers to work together to realise fully the potential of XBRL and to respond to the challenge of a new European Single Electronic Format (ESEF) for digital corporate reporting due to come into effect in 2020. With passage of time, XBRL has become the leading technology in the world for digital reporting. It is required by more […]

XBRL filings

Common Errors in XBRL Filings with the SEC

Canadian firms listed with the SEC are required to file in XBRL. Before beginning with the process, it is useful to consider the kinds of errors that other firms have made in their XBRL filings with SEC. Some errors are more common than others. Sometimes amounts relating to a particular tagging are entered as negative because they are to be deducted in the final presentation. However, the taxonomies usually take this into account. For example, […]

Government Support Schemes To Fight COVID-19 – Across The Globe

XBRL – All Around the World

The past ten to fifteen years has seen a remarkable transition in the way financial and business information is reported to regulators, governments and investors. In an increasingly digital world, XBRL is used by more than 100 regulators in 70 countries, supported by more than 200 software packages and in an increasing number of corporates to facilitate structured data reporting within millions of companies. XBRL has been adopted by the SEC in the US, Companies […]