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Preliminary Recommendations Proposed by the Accounting Standards Subcommittee of the SEC Advisory Committee on Smaller Public Companies
Preliminary Recommendations Proposed by the Accounting Standards Subcommittee of the SEC Advisory Committee on Smaller Public Companies Summary of Preliminary Recommendations The Accounting Standards Subcommittee submits the following preliminary recommendations, listed in order of importance, to the full Advisory Committee for their consideration:∗ 1. MicroCap companies should be permitted to apply the same effective dates that the FASB provides for private companies in implementing new accounting standards. 2. The SEC should implement a de minimis provision in the application of independence rules. 3. The SEC should consider additional guidance for all pubic companies with respect to materiality related to previously issued financial statements. 4. The SEC should change the requirements for Smaller Public Companies, including MicroCap companies, from reporting three years of financial information to reporting two years of financial information. 5. The SEC should formally encourage the FASB to pursue objectives-based accounting standards. In addition, simplicity and the ease of application should be important considerations when new accounting standards are established. 6. The SEC should develop a “safe-harbor” protocol for accounting for transactions that would protect well-intentioned preparers from regulatory or legal action when the process is appropriately followed. 7. The SEC and the PCAOB should promote competition among audit firms by using their influence to include non-Big 4 firms in committees, public forums, etc. that would increase the awareness of these firms in the marketplace. The PCAOB should also consider minimum annual continuing professional education requirements covering topics specific to SEC matters for firms who wish to practice before the SEC. 8. The PCAOB should monitor the impact of its May 2005 guidance regarding the interaction between the auditor and its clients through the spring of 2006 reporting season. -
Equity Method Investees — SEC Reporting Considerations
A Roadmap to SEC Reporting Considerations for Equity Method Investees October 2020 This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Copyright © 2020 Deloitte Development LLC. All rights reserved. Publications in Deloitte’s Roadmap Series Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards -
XBRL and Its Adjacent XML Languages: an Overview
XBRL INTERNATIONAL XBRL and its Adjacent XML Languages: An Overview 27 May 2002 Goal The UK Office of the e-Envoy raised a key question: is XBRL the only XML specification on offer whose domain of discourse covers business reporting? The answer is yes, and the purpose of this paper is to supply the evidence for that conclusion. The approach taken here is to compare and contrast XBRL with other open specifications that occupy spaces that are “adjacent” to it, in the sense that they are based on XML and address subject matter that is closely related to business reporting, or that have been adopted in business processes that involve an important type of business reporting. Examples of areas adjacent to business reporting include credit and investment analysis, market data distribution, equity and derivatives trading, ERP integration, and taxation. The scope of this document addresses only open specifications (excluding proprietary but “de facto standards” such as PDF) and includes reporting related to accounting, financial, or economics. XBRL International has always kept its focus on business reporting and has maintained liaison relationships with other open specifications consortia in related domains. Not only do many XBRL International members belong to these other consortia, but XBRL International itself has liaison relationships with MDDL, RIXML, ITPC (NewsML), SDMX, OASIS, UN/CEFACT, BUS CRD (GRE FIS), ACORD, and BITS. Consequently, in each of these relationships there has been a clear delineation of scope, and some consideration has been given to details of technical compatibility and the potential for interoperability. Where the domain of interest may overlap, agreements such as the Interoperability Pledge made by OASIS, OMG, HR-XML and XBRL (see References) tends to ensure at least that technical work is not duplicated, and at best that the specifications are truly complementary. -
Management Reporter User Guide Microsoft Corporation Published: March 2013
Management Reporter User Guide Microsoft Corporation Published: March 2013 Management Reporter for Microsoft Dynamics ERP Microsoft Dynamics is a line of integrated, adaptable business management solutions that enables you and your people to make business decisions with greater confidence. Microsoft Dynamics works like and with familiar Microsoft software, automating and streamlining financial, customer relationship, and supply chain processes in a way that helps you drive business success. U.S. and Canada Toll Free 1-888-477-7989 Worldwide +1-701-281-6500 www.microsoft.com/dynamics This document is provided "as-is." Information and views expressed in this document, including URL and other Internet Web site references, may change without notice. You bear the risk of using it. Some examples are for illustration only and are fictitious. No real association is intended or inferred. This document does not provide you with any legal rights to any intellectual property in any Microsoft product. You may copy and use this document for your internal, reference purposes. This document is confidential and proprietary to Microsoft. It is disclosed and can be used only pursuant to a non-disclosure agreement. Copyright © 2013 Microsoft. All rights reserved. Internet Explorer, Microsoft, Microsoft Dynamics, Microsoft Excel, Microsoft FRx, Microsoft Lync, Microsoft PowerPoint, Microsoft SharePoint, Microsoft Word, Windows, Windows Server, Windows 7, Windows XP, Windows Vista are trademarks of the Microsoft group of companies. All other trademarks are -
A Roadmap to Initial Public Offerings
A Roadmap to Initial Public Offerings 2019 The FASB Accounting Standards Codification® material is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2019 Deloitte Development LLC. All rights reserved. Other Publications in Deloitte’s Roadmap Series Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Consolidation — Identifying a Controlling Financial Interest Contracts on an Entity’s Own Equity -
XBRL GL at 10: the Wonder Years?
XBRL GL at 10: The Wonder Years? Abu Dhabi, UAE 24th XBRL International Conference Academic Track Introduction and Disclaimer • Who I am • What I am about to share does not necessarily reflect the opinions of … Original Plans Looked Deeper • From “Highlights” of Initial XFRML Steering Committee, 10/14/99 – “[XFRML] should have its roots in the "Audit Supply Chain." XFRML as technical standard for seamless process of exchange across all audit processes. – Our opportunity is to address things internationally at the level below the financial reporting level since there is more commonality at that level.” – This is still the place of XBRL’s Global Ledger Taxonomy Framework – the detailed information found in ERP systems. XBRL GL Business Reporting Supply Chain XBRL Global Ledger InternalFramework External Investment, Business Economic Processes Business Business Lending, Operations Policymaking Reporting Reporting Regulation XBRL “Financial Reporting” Financial Publishers Central Companies Investors Participants and Data Banks Aggregators Trading Management Internal External Regulators and Administrators Partners Accountants Auditors Auditors Software Vendors and Service Providers XBRL GL: a Recommendation from XII • The only TAXONOMY directly from XII • Predecessor (ADFST:1999) is one of two initial seeds for XBRL • V1 Recommendation 2002 • V2 Recommendation 2005 • A different layer of abstraction Every System as XBRL System 1 System 2 System 3 XBRL GL XBRL GL XBRL GL Account# 勘定科目番号 accountMainID accountMainID IdentificadoraccountMainID -
XBRL: One Standard – Many Applications
XBRL: One standard – many applications 46 by Bruno Tesnière, Richard Smith and Mike Willis the journal • Tackling the key issues in banking and capital markets Bruno Tesnière Richard Smith Mike Willis Partner, Global XBRL Co-leader Director, Global Risk Global XBRL Co-leader and Founding Management Solutions, UK Chairman XBRL International Tel: 32 2 710 72 26 Tel: 44 20 7213 4705 Tel: 1 813 351 2795 Email: [email protected] Email: [email protected] Email: [email protected] 47 XBRL is a universal information format and formatting of the information needed in these formats (html, pdf, doc, etc). which offers tremendous opportunities for for running the business can be slow, The link between format and content can the financial services industry in terms of prone to error and extremely costly. only be broken by manual parsing (search cost reduction, efficiency gains and data and retrieval) processes, which are labour- analysis. XBRL can be used by banks to Proprietary data standards are often put intensive, time-consuming and prone to radically reduce the time and costs in place for internal purposes but they inputting errors. These factors can drive associated with key business processes require proprietary data translation the cost of producing information up to such as credit analysis and monitoring, schemes so that back-end systems are able a level where, although the information and streamline their own business to retrieve that information. Even less is available, it is effectively redundant. reporting processes. XBRL also allows efficient, electronically delivered disparate information systems to information on the web is today just a XBRL provides a solution to many of communicate seamlessly with each other digital duplicate of a paper report; it is not these problems by making the reported over the internet. -
XBRL: Origins, Implementation and Acceptance Phillip Kloeden
CORE Metadata, citation and similar papers at core.ac.uk Provided by RIT Scholar Works Rochester Institute of Technology RIT Scholar Works Articles 2006 XBRL: Origins, implementation and acceptance Phillip Kloeden Follow this and additional works at: http://scholarworks.rit.edu/article Recommended Citation Kloeden, Phillip, "XBRL: Origins, implementation and acceptance" (2006). Accessed from http://scholarworks.rit.edu/article/1626 This Article is brought to you for free and open access by RIT Scholar Works. It has been accepted for inclusion in Articles by an authorized administrator of RIT Scholar Works. For more information, please contact [email protected]. XBRL: ORIGINS, IMPLEMENTATION AND ACCEPTANCE Phillip A. Kloeden Paper Submitted to Dr. Khondkar Karim for fulfillment of course requirements for Corporate Financial Reporting I – 0101 704 E. Philip Saunders College of Business - RIT Winter Quarter 2005-2006 ABSTRACT A brief overview of the origins of modern accounting are examined with it’s genesis in the Italian Renaissance. During this time period, trade and commerce expanded and new methods for tracking and recording transactions became necessary. Double entry bookkeeping was first documented by Luca Pacioli in 1458. Innovative Italian merchants and scholars of this time period have become known as the fathers of modern accounting. eXtensible Business Reporting Language (XBRL) is currently the revolutionizing concept in the modern accounting world. Originally, known as Extensible Financial Reporting Markup Language (XFRML) in 1998, it was a prototype language created by the early users of eXtensible Markup Language (XML). The origins of XBRL will be examined in greater detail as the paper progresses, as well as, some of the underlying framework regarding the coding structure and technologies. -
SEC Forms a Quick Reference Guide Intelligize
Intelligize / SEC Forms A Quick Reference Guide Intelligize / Introduction All companies, foreign and domestic, offering securities in the U.S are required to fle registration statements, periodic reports, and other forms electronically with the SEC through the EDGAR system. The elements of this process can be vast and complex, even for the most seasoned professional. Here at Intelligize™, as part of continuing efforts to make your work with these documents as productive as possible, we have developed the following quick reference guide to the major form types and groups you may encounter. With this information at your fngertips for immediate reference, we are confdent you will be able to fnd the answers you seekquickly and productively. Legend Section 1: Filings Related to Securities Registration There are two major types of registration statements: offerings registrations fled under the Securities Act of 1933, and trading registrations, fled under the Securities Exchange Act of 1934. Section 2: Filings Related to Operations All publicly traded companies and investment companies, including mutual funds, must fle documents that provide specifc information about their activities. These flings include comprehensive reports covering the prior fscal year (10-Ks for U.S. companies and 20-Fs for international companies trading on U.S. exchanges) and quarterly reports (10-Qs). Annual reports to shareholders are not required but are often submitted. Section 3: Investment Company Filings Investment companies (mutual funds) are required to provide disclosure to investors covering many of the same elements required through the 1933 and 1934 Acts. Investment companies must register securities offered prior to public sale and must provide periodic updates of the information contained in the registration statement. -
Corporate Litigation: SOX Certification Requirement and Clawback
CORPORATE LITIGATION: SOX Certification Requirement and Clawback Provision JOSEPH M. McLAUGHLIN AND YAFIT COHN* SIMPSON THACHER & BARTLETT LLP October 14, 2016 The Sarbanes-Oxley Act of 2002 (SOX), enacted in the wake of several high-profile accounting frauds at public companies, implemented a variety of measures designed to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. Among the reforms adopted by SOX were: (1) a requirement that the chief executive officer (CEO) and chief financial officer (CFO) of each company filing periodic reports under the Securities Exchange Act of 1934 (the Exchange Act) certify the accuracy of the issuer’s financial reports; and (2) a mandate that in the event of “an accounting restatement due to the material noncompliance of the issuer, as a result of misconduct, with any financial reporting requirement under the securities laws,” the CEO and CFO must reimburse the issuer for any incentive- or equity-based compensation they received. In SEC v. Jensen, the U.S. Court of Appeals for the Ninth Circuit recently provided needed guidance on the scope of these distinct requirements, adopting an expansive view of liability for CEOs and CFOs under SOX.1 The Certification Requirement Promulgated pursuant to SOX Section 302, Exchange Act Rule 13a-14 provides that each report filed on Forms 10-Q, 10-K, 20-F or 40-F must include a certification signed by the issuer’s CEO and CFO, “or persons performing similar functions, at the time of the filing -
Accounting and SEC Reporting Considerations for SPAC Transactions
Financial Reporting Alert 20-6 October 2, 2020 Contents • Introduction Accounting and SEC Reporting • Background Considerations for SPAC Transactions • Key Provisions for a SPAC Transaction o SEC Filing Introduction Requirements It has been a record-breaking year for special-purpose acquisition company (SPAC) initial o Proxy/ public offerings (IPOs); the proceeds raised in the first nine months of 2020 have already Registration more than tripled those raised in 2019.1 As a result, many private operating companies have Statement been merging with SPACs to raise capital rather than using traditional IPOs or other financing Requirements activities. (See Deloitte’s Private-Company CFO Considerations for SPAC Transactions for further o Identifying the discussion of the growth and lifecycle of SPACs.) After a SPAC merges with a private operating Accounting company (the “target”), the target’s financial statements become those of the combined public Acquirer company (the “combined company”). Therefore, a target will need to devote a considerable o SEC Review amount of time and resources to technical accounting and reporting matters. Process o Super 8-K Background Requirements A SPAC is a newly formed company that raises cash in an IPO and uses that cash or the o Ongoing equity of the SPAC, or both, to fund the acquisition of a target. After a SPAC IPO, the SPAC’s Reporting management looks to complete an acquisition of a target (the “transaction”) within the period Requirements specified in its governing documents (e.g., 24 months). In many cases, the SPAC and target may need to secure additional financing to facilitate the transaction. -
EDGAR FILING CALENDAR CUSTOMER SERVICE: 877.432.3342 2021 SEC FILING DEADLINES and HOLIDAYS [email protected]
EDGAR FILING CALENDAR CUSTOMER SERVICE: 877.432.3342 2021 SEC FILING DEADLINES AND HOLIDAYS [email protected] SEC DEADLINES* LARGE ACCELERATED ACCELERATED NON -ACCELERATED 10-K Monday, March 1 Tuesday, March 16 Wednesday, March 31 NT 10-K Tuesday, March 2 Wednesday, March 17 Thursday, April 1 LATE 10-K Monday, March 15 Wednesday, March 31 Thursday, April 15 PROXY STATEMENT or 10-K/A Friday, April 30 Friday, April 30 Friday, April 30 10-Q Monday, May 10 Monday, May 10 Monday, May 17 NT 10-Q Tuesday, May 11 Tuesday, May 11 Tuesday, May 18 LATE 10-Q Monday, May 17 Monday, May 17 Monday, May 24 10-Q Monday, August 9 Monday, August 9 Monday, August 16 NT 10-Q Tuesday, August 10 Tuesday, August 10 Tuesday, August 17 LATE 10-Q Monday, August 16 Monday, August 16 Monday, August 23 10-Q Tuesday, November 9 Tuesday, November 9 Monday, November 15 NT 10-Q Wednesday, November 10 Wednesday, November 10 Tuesday, November 16 LATE 10-Q Monday, November 15 Monday, November 15 Monday, November 22 SEC DEADLINE GUIDANCE LARGE ACCELERATED ACCELERATED NON -ACCELERATED 10-K 60 days from year-end 75 days from year-end 90 days from year-end NT 10-K 15 day extension 15 day extension 15 day extension 10-Q 40 days from quarter-end 40 days from quarter-end 45 days from quarter-end NT 10-Q 5 day extension 5 day extension 5 day extension SEC HOLIDAYS FOREIGN PRIVATE ISSUERS DATE HOLIDAY Friday, January 1 New Year’s Day 20-F Friday, April 30 Monday, January 18 Birthday of Martin Luther King, Jr.