- The SEC updated its Frequently Asked Questions (FAQs) about submitting IFRS financial statements tagged in the eXtensible Business Reporting Language (XBRL) to regulatory filings. The update provides information about the location of the tags for disclosure rules that are not part of the IFRS taxonomy. Earlier this year, the SEC updated its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) filing system to accommodate XBRL exhibits for IFRS financial statements.
- The SEC is planning to adopt a rule in the spring of 2018 letting mutual funds provide shareholder reports electronically. The fund industry said the switch will save it $200 million in printing and mailing costs each year that can be passed on to investors.
- The SEC said in a statement that digital assets may be regulated under federal securities laws. The agency made the statement after investigating a virtual organization known as the DAO that sold digital tokens to fund various projects.
- The SEC began its review of the PCAOB’s rule to expand the auditor’s report in regulatory filings. The rule requires auditors to discuss the challenging issues that arose as they examined a client’s financial statements in their reports.
- 16 Democrats in the House of Representatives called on the FASB to write standards to require U.S. multinationals to disclose more information about their offshore earnings and taxes. The lawmakers’ request comes as reform and civic groups have urged Congress and regulators to crack down on tactics companies use to hide profits in offshore tax havens.