The SEC recently approved and published the International Financial Reporting Standards (IFRS) taxonomy so foreign private issuers can begin submitting their financial reports to EDGAR using XBRL. Requirements for foreign private issuers to use XBRL were originally adopted in 2009 with the caveat that such requirements would not go into effect until the IFRS taxonomy was available. Now that the taxonomy has been published on the SEC’s website, issuers may begin using it to submit financial statements.

On March 13, 2017, EDGAR 17.1 was released by the Securities and Exchange Commission. This release primarily contained changes to add a new online version of the Transfer Agent forms, Form TA-1, TA-2 and TA-W. Other changes affect a number of forms, including the Regulation A forms, the Form ABS-EE data files, Form SDR and Form N-MFP2.

On March 1, 2017, the SEC voted to propose amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using XBRL. These changes, which are part of the SEC’s ongoing initiative to modernize the EDGAR system, would require the use of Inline XBRL.

The SEC voted on March 1, 2017 to adopt rule and form amendments to make it easier for investors and other market participants to locate and access exhibits in registration statements and periodic reports that were originally submitted with prior filings. This ruling requires issuers to include a hyperlink to each exhibit in the filing’s exhibit index.

The SEC is adopting amendments to the expiration dates in the interim final rules that provide exemptions for those security-based swaps that, prior to July 16th, 2011, were security-based swap agreements and defined as “securities” under the Securities Act and Exchange Act. This definition is due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform Act and the Consumer Protection Act. Under the new amendments, the expiration dates on the interim final rules will become February 11, 2018.

When EDGAR Release 17.1 goes into effect on March 13, 2017, new online versions of the Transfer Agent filing forms will become mandatory. These forms, TA-1, TA-1/A, TA-2, TA-2/A, and TA-W, will become available on the EDGAR Filing Website.

Acting Chairman Michael S. Piwowar released a statement on February 6, 2017 regarding the reconsideration of the SEC’s pay ratio disclosure. Adopted in August 2015, compliance for the rule was delayed for companies until their first fiscal year beginning on or after January 1, 2017. As companies have started the process of implementing systems and controls to process the information needed in the disclosure, the SEC has begun to hear reports of unanticipated compliance difficulties.

On February 3rd, Congress voted to kill the controversial anti-corruption disclosure rule related to reporting requirements for publicly traded commercial oil, natural gas or mineral companies. This rule (Rule 13q-1) would have required all gas, oil, and mineral companies that are publicly traded to disclose the use of conflict minerals and any payments to foreign governments for resource rights via an XBRL exhibit on EDGAR Form SD.

On January 30, 2017, EDGAR 17.0.2 was released by the Securities and Exchange Commission. This release primarily contained updates to add two phase authentication when a filer resets a passphrase. Other changes affect Forms X-17A-5 and X-17A-5/A.

With the upcoming update to the EDGAR System, the SEC plans to introduce two phase authentication when requesting a reset for an EDGAR passphrase. Filers are advised to update their contact information on EDGAR before this change goes into effect.

On January 4th, 2017, President-elect Donald Trump nominated Jay Clayton as the next chairman of the Securities and Exchange Commission. Clayton is currently a partner at the law firm Sullivan & Cromwell, which works with investment and other Wall Street firms on mergers, acquisitions, and regulatory oversight.

There are quite a few changes that SEC filers can expect in the upcoming year. Regulations become effective and compliance dates are set that will have varying degrees of impact on financial and EDGAR reporting. Here’s a quick overview of what you can expect this year from the SEC.

Looking back at 2016, a number of developments in SEC regulations and EDGAR compliance occurred that have a significant impact on financial record-keeping, financial reporting and capital formation. We recap some of the most significant changes that happened last year before we turn our attention forward to 2017.

On December 12, 2016, EDGAR 16.4 was released by the Securities and Exchange Commission. This release primarily contained updates for Form MA and Form ABS-EE.

With the changing pace of technology, companies like Microsoft need to be vigilant about security issues. Every office has experienced it – that one user that gets a virus and the whole office becomes infected in a matter of minutes. To combat this problem Microsoft has started to force computers to update automatically. Gone are the days of Windows XP where users could continue to hit “Postpone” for weeks on end. Now we have the new Windows Update that installs and restarts your computer for you. Instead of coming into work to a virus attack, users are now unfortunately coming into work to find their documents and applications closed and their computers restarted.