FASB – Current Taxonomy Process & Suggestions for Improvement

In part one of our blog series on the Financial Accounting Standards Board’s (FASB) invitation to comment, we addressed common quality issues in XBRL data. In part two, we’ll discuss the current taxonomy update process, identify areas of concern around this process, and discuss several suggestions for potential improvements.

Certent Summit 2017 in Nashville a Smashing Success

Certent Summit 2017 wrapped up today in Nashville with record attendance from clients, partners, sponsors, and guests including an appearance from Dolly Parton and Garth Brooks. Located two blocks from Broadway’s Honky Tonks and across the street from the birthplace of Bluegrass, attendees were treated to a full program of product training, one-on-one consulting sessions, […]

FASB Taxonomy – 5 Main Quality Issues for Comment

On May 10, 2017, the Financial Accounting Standards Board (FASB) issued an Invitation to Comment in which it discusses the areas for improvement in the US GAAP taxonomy, as well as the taxonomy update process itself. Here are the five main quality issues that FASB addresses…

SEC Amendment Includes “Check Box” Notice of Emerging Growth Company Status

As you have seen over the past month or two, the SEC has released a number of new rulings set to impact your upcoming filings. One of the most recent, published on March 31, 2017 as a Final Rule, and effective April 12th, 2017, the SEC adopted technical amendments to Titles I and III of the Jumpstart Our Business Startups (“JOBS”) Act. This latest amendment includes an additional check box on the cover page entity filer category of Emerging Growth company for qualifying issuers with less than $1B in total annual gross revenues during its most recently completed fiscal year.

Tired of Manually Searching Peers’ Exhibit Index? Hyperlinking is on the Horizon

We all know that whenever previously filed exhibits are referenced in a filing, those exhibits are listed in that filing’s exhibit index. If more information is needed surrounding that exhibit, instead of simply clicking a link to point users directly to that exhibit, users must spend time manually navigating back and forth to reference exhibit information with other filings.

Say goodbye – these days are soon behind us! On March 1st, 2017, The SEC recently announced its Final Rule on Exhibit Hyperlinking as part of its initiative to improve ease of access to exhibit information – all but eliminating the need to search.

Foreign Filers: What You Need to Know about Filing with XBRL

On March 1, the U.S. Securities and Exchange Commission (SEC) announced support for the International Financial Reporting Standards (IFRS) interactive data (or XBRL) mandate. This directly impacts over 500 Foreign Private Issuers (FPI) – over 40% of which are in Canada – that have not previously had to create, review, and submit XBRL to the SEC. This means 20-Fs, 40-Fs, and 6-Ks with periods beginning on 12/15/2017 must now be submitted in interactive date format.