XBRL US submitted a comment letter to the General Services Administration (GSA) regarding a Request for Information on the Federal Integrated Business Framework (FIBF) Information Management Toolset. The FIBF Framework is part of the implementation of the Grants Reporting Efficiency and Transparency (GREAT) Act which aims to bring data standards into the grants reporting process […more]
On December 23, 2022, President Biden signed into law H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 which includes TITLE LVIII, the Financial Data Transparency Act (FDTA). The FDTA calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, […more]
May 2023 XBRL US publishes white paper, “Data Standards and the FDTA”, sponsored by Donnelley Financial Solutions (DFIN). The paper explores the current state of data management among agencies and provides a roadmap to meet the achievable goals laid out in the FDTA. It describes the current state of 400+ data sets collected by covered […more]
Implementing the right data standard, as called for in the FDTA, will enable economies of scale, reduce the cost of reporting, data collection and analysis, and generate good quality, actionable data for policy-setters, regulators, and the public, including investors, and researchers.
April 2023 SEC to host Municipal Securities Disclosure Conference on May 10, 2023. The program agenda will cover the Financial Data Transparency Act (FDTA), voluntary disclosures, risks, and current disclosure topics. Members are encouraged to attend and registration is required (deadline to register May 5, 2023). SEC announced that they had reopened the comment period […more]
The Financial Data Transparency Act (FDTA) calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Bureau of Consumer Financial Protection (CFPB), the Federal Reserve System, the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA).
Sponsored by Donnelley Financial Solutions (DFIN).
March 2023 Online training programs from XBRL US are now freely available for regulators, developers and businesses. Three programs covering XBRL Fundamentals, Understanding the US GAAP Taxonomy, and Introduction to XULE (an open source processing language) have been developed to educate stakeholders in the reporting ecosystem. The first two programs include short videos and quizzes […more]
January/February 2023 SEC final rule calls for Inline XBRL for disclosures on policies to facilitate straight-through-processing. The final rule, Shortening the Securities Transaction Settlement Cycle is effective 60 days after the 3/6/2023 publication to the Federal Register. The rule adopts amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days […more]
Happy New Year! 2023 will be an especially important year for data standards and XBRL. The Financial Data Transparency Act (FDTA) was just signed into law. The rapid expansion of XBRL requirements for SEC corporate and investment management companies is placing greater demands on our members and on the Commission itself. And there’s a groundswell […more]
November, 2022 XBRL US Data Quality Committee (DQC) 20th Rule Set includes rules for Business Development Companies (BDC) and public companies. BDCs have just begun reporting financials in XBRL format for the first time this year, and the DQC is now preparing rules to help these new filers identify potential issues before their financials are […more]
The national consortium for
the business reporting standard
