On the Horizon -- New SEC guide summarizes recent JOBS Act rulemaking

Contents FASB issues XBRL taxonomy guides SEC issues small entity compliance guide

FASB issues XBRL taxonomy guides The FASB recently issued a final U.S. GAAP Financial Reporting Taxonomy implementation guide, Dimensional Modeling for Financing Receivable Disclosures, which demonstrates how the dimensional modeling for disclosures related to financing receivables is structured within the taxonomy.

The FASB also recently issued a proposed style guide, Decision Tree for Hierarchical and Distinct Domains, which is the second in a series of guides on dimensional modeling. Comments on the proposed guide are due July 25.

When issued, these nonauthoritative guides communicate how the taxonomy is designed and provide other information to help users understand how elements and relationships are structured in the taxonomy.

SEC issues small entity compliance guide Small Entity Compliance Guides summarize and explain rules adopted by the SEC, but they are not a substitute for SEC rules. Only an SEC rule provides complete and definitive information regarding its requirements.

The staff of the SEC’s Division of Corporation Finance recently issued a Small Entity Compliance Guide to summarize key provisions of the Commission’s Final Rule, Changes to Exchange Act Registration Requirements to Implement Title V and Title VI of the JOBS Act.

That rule amends a number of regulatory requirements under Sections 12(g) and 15(d) of the Securities Exchange Act of 1934 and conforms SEC rules to certain provisions of the JOBS Act, as well as those provisions amended by the FAST Act, that became effective upon enactment.

© 2016 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.