Reporting Alert: XBRL, Leases, and Disclosure Overload

Understanding the game of XBRL business validations

There is mounting pressure on the SEC to require revision of errors in XBRL filings. The FASB expects to issue a new leasing standard in late 2014 and will likely require companies to put leases with a term on more than 12 months on the balance sheet. Chairman White in recent speech discusses information overload and announces that one of her major priorities is to create the optimal disclosure regime – one that serves the needs of investors and is embraced by businesses large and small.

When you need up-to-date information on pending regulatory and financial reporting changes, you need to look no further. We have the information that you need to ensure that you are aware of what’s happening in Washington DC, Norwalk, London and elsewhere and are ready for any upcoming changes.

WebFilings is the industry leader in financial reporting with companies large and small using Wdesk to do all types of business reporting.You’re in good company with WebFilings. In this quarterly business brief, resident experts in SEC matters and financial reporting, Mike Starr and Susan Yount, discuss current regulatory and reporting issues and the impact of those issues on you.

Mike Starr is Director of Strategic Initiatives at WebFilings, former SEC Deputy Chief Accountant for Policy, and former Grant Thornton U.S. partner and Chief Operating Officer of Grant Thornton International. Susan Yount is WebFilings Director of Reporting Policies and Practices and former SEC Associate Chief Accountant in the Office of Interactive Data.

Click here to read the business brief to learn what’s going on with SEC regulatory oversight and financial reporting standards, and find out what it means for you.

Mike Starr

About the author

Mike Starr, Vice President, Governmental and Regulatory Affairs, joined the Workiva team in September 2012. Mike previously served as the SEC Chief Accountant's advisor with a focus on investors’ financial information needs and the role of structured data in meeting those needs. Prior to his work with the SEC, Mike served as Chief Operating Officer for Grant Thornton International Ltd., where he oversaw global strategy and public policy. He earned a Bachelor of Science in accounting from Oklahoma State University (OSU), and in 2010 was recognized as an OSU distinguished accounting alumnus and inducted into the School of Accounting Hall of Fame.