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By Melissa Klein Aguilar                        rate action is announced. The task force
                                                                                              New Reports Blast SEC
                                                groups will also provide input to the cur-    Yet Again for Failures
C     ompliance Week publishes a blog of the
      latest moves and news from the Secu-
rities and Exchange Commission and other
                                                rent process and determine what changes
                                                would be required if issuers produced
                                                corporate actions messages in XBRL for-
                                                                                              F    ollowing the release of its scathing re-
                                                                                                   port on its investigation into the Secu-
                                                                                              rities and Exchange Commission’s failure
regulatory agencies. Below is a recap of re-    mat aligned with ISO 20022.                   to uncover the Ponzi scheme perpetrated
cent coverage. To see the blog online, view         XBRL U.S. is collaborating with           by Bernard Madoff, the SEC Inspector
primary source documents mentioned here,        DTCC and SWIFT to develop a taxono-           General has issued a report detailing 21
and participate in discussion, please visit     my of terms based on the ISO 20022 re-        recommendations to improve the agency’s
www.complianceweek.com/blog/aguilar.            pository elements that companies can use      enforcement program, which include:
                                                to “tag” those transactions so important
                                                pieces of information can be identified       »   Establishing and training the ap-
More Big Plans for XBRL,                        throughout the entire deal. XBRL U.S.             propriate staff on formal guidance
                                                spokeswoman Lynne Hasluck says XBRL               for evaluating various types of com-
Now for Corporate Actions                       U.S. plans to release the full taxonomy for       plaints and training;

E    fforts to improve the processing of
     corporate actions data in the U.S. by
tagging those actions using XBRL are un-
                                                corporate actions for public review some
                                                time during the first quarter or 2010.
                                                    Meanwhile XBRL U.S. has also pub-
                                                                                              »   Ensuring the tip and complaint han-
                                                                                                  dling system provides for data cap-
der way, with the creation of a stakeholder     lished a U.S. GAAP Taxonomy 2009 Ad-              ture of relevant information relating
group to represent the needs of the cor-        dendum-1 containing more than 200 new             to the vetting process to document
porate actions reporting and processing         elements to reflect new Financial Account-        why a complaint was or wasn’t acted
supply chain.                                   ing Standards Board accounting standard           on and who made that determina-
   As Compliance Week reported, the             changes issued since Dec. 31, 2008.               tion;
“Issuer to Investor: Corporate Actions              The addendum only incorporates new
initiative,” launched in May by XBRL            standards deemed critical for companies       »   Requiring tips and complaints to be
U.S., the Depository Trust & Clearing           preparing financial statements before the         reviewed by at least two individu-
Corp. and the Society for Worldwide In-         U.S. GAAP Taxonomy 2010 is published              als experienced in the subject matter
terbank Financial Telecommunication,            so that issuers that need to use the new          prior to deciding not to take further
seeks to standardize the disclosure of U.S.     pronouncements don’t have to create new           action;
corporate actions such as mergers, reor-        extensions and companies using the new
ganizations, and similar transactions by        standards all use the same element. When      »   Establishing guidance to require that
tagging them using XBRL.                        opened, the addendum imports the U.S.             all complaints that appear to be cred-
   The groups contend standardizing cor-        GAAP Taxonomy 2009. Visitors can re-              ible be probed further by in-depth
porate actions using XBRL would reduce          view and comment on the new elements              interviews to assess validity and to
the risk of errors in communications on the     through the XBRL U.S. Review tool.                determine what issues need to be in-
actions, bring benefits such as fe
								
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