Here is our pick of the 3 most important XBRL news stories for the week.
The taxonomy will enable businesses to report using the XBRL global framework commonly used in business accounts. It marks the first time the format has been utilised so businesses can capture environmental data in annual reports.
Curator’s Note: Streamlined Energy and Carbon Reporting (SECR) is important for those who like this planet. XBRL helps ensure reporting accuracy and this tool from the UK Government makes that accurate reporting easier to create.
The proposed feature would provide a new informational box on the Security Details pages of EMMA including:
- A link to the disclosure of annual financial information and/or an audited financial statement for the most recent fiscal period;
- The end date of the financial period detailed in that disclosure, such as the fiscal year end date; • The date the disclosure was posted to the EMMA website; and
- A static calculation of the number days between the posting of the first disclosure for that fiscal period and the end date of the financial period detailed in that disclosure
Curator’s Note: The Municipal Securities Rulemaking Board, (MSRB), is a regulatory body which creates rules and policies for investment firms and banks that issue municipal securities aka “muni bonds”. Their Electronic Municipal Market Access (EMMA®) website is critical to this $3.8 trillion market, particularly for retail investors who rely on the free information. The calculator they are announcing does not require any new data to be submitted by issuers. However note that this a proposal that the SEC has to approve.
In addition, the Commission adopted amendments to require the use of the Inline eXtensible Business Reporting Language (Inline XBRL) format for the submission of certain required disclosures in the variable contract statutory prospectus.
Curator’s Note: The SEC change makes it easier for retail investors to understand offerings in plain language.
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