Tag Archives: FASB

XBRL Next Steps

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As we blogged about during the summer, the SEC has started to issue documents concerning XBRL issues. Two of our earlier posts dealt with the special study about the use of extensions and the “Dear CFO” letter about calculation relationships (links are below).

Another event that may elevate the visibility of XBRL issues in the reporting community is going to happen on September 9 at 1pm – the FASB is hosting a 90 minute XBRL webcast to discuss the 2015 Taxonomy, which was just released for public comment today, September 2.

The title of the webcast is:

IN FOCUS: Proposed 2015 GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, Taxonomy Implementation Guides, Taxonomy Simplification

Interestingly, SEC Staff from the Office of Interactive Date will be speaking.

How may of us are hoping the simplification topic is a major theme?

You can register for the webcast at:

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176164317486

And, just in case you want to find them again:

The special study by DERA, the Division of Economics and Risk Analysis about the use of custom tags, aka extensions, is at:

http://www.sec.gov/dera/reportspubs/assessment-custom-tag-rates-xbrl.html#.VAXPt0stnGk

The Dear CFO letter about calculation relationships is at:

http://www.sec.gov/divisions/corpfin/guidance/xbrl-calculation-0714.htm

 

XBRL Starting to Bubble-Up to the Comment Letter Surface?

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One of the questions that SEC reporting companies have asked about XBRL (among the many questions we ask about XBRL!) is when will the SEC start to write comments about XBRL submissions?

Very few companies have ever seen a comment letter include any mention of their XBRL submissions.

It appears that comments may be starting to be issued about XBRL.  One of the ways the SEC sends messages in in a kind of generic comment letter that they call a “Sample Letter Sent to Public Companies”, which we refer to as a “Dear CFO Letter”.

While this seems to lack the impact of a comment letter sent directly to a company, the Dear CFO Letter is actually just as important as a directly received comment letter.  It is a message to a broad group of companies about an issue that the SEC thinks is pervasive, and is, in essence, a broadly transmitted comment letter.

The most recent Dear CFO Letter actually deals with XBRL!  You can find it at:

http://www.sec.gov/divisions/corpfin/guidance/xbrl-calculation-0714.htm

The letter reminds registrants to be sure to include all calculation relationships.

It also includes this language:

“Acceptance of your filing by EDGAR does not mean that your filing is complete or in compliance with the Commission’s requirements.”

This Dear CFO letter coupled with the XBRL report we blogged about last week could be the start of a greater emphasis on XBRL matters in filings.

We would love to hear your comments!  Leave them here or email Carol or George.