The federal government has committed to adopting data standards to improve the way grants information is collected. In 2018, the Office of Management and Budget (OMB) began work to meet the goals of the President’s Management Agenda Cross-Agency Priority (CAP) Goal #8: Results-Oriented Accountability for Grants. And in 2019, Congress passed, and the President signed, […more]
December, 2020 XBRL US commented on SEC proposal on tailored shareholder reports. The SEC proposal, Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements, recommends changes to modernize the disclosure framework for open-end management investment […more]
November, 2020 This year’s XBRL US Investor Forum provided an insightful lens into the future of structured reporting. SEC Commissioner Allison Herren Lee touched on several topics in her keynote address (watch video). The Commissioner noted several areas including proxy, ESG, MD&A and earnings releases as disclosures that could benefit from structured data formatting: “As […more]
September, 2020 College Of DuPage leads move to electronic financial reporting for Illinois community colleges. The forward-thinking college worked with XBRL US to prepare their own financial statements in XBRL format, using the CAFR Taxonomy, and plans to create a data repository containing electronic financials for other Illinois-based community colleges. Oakton Community College, based in […more]
October, 2020 SEC Commissioner Allison Herren Lee, and PwC Vice Chair Wes Bricker will provide keynote addresses at the XBRL US Investor Forum 2020, November 17-18, 2020. Commissioner Lee has been an outspoken advocate for transparency and greater accountability to help small business, increase diversity and improve access to information for investors. Wes Bricker, who […more]
August, 2020 The Financial Accounting Standards Board (FASB) published EE 2.0 impact on XBRL service providers and software. The impact study, called Extensible Enumerations 2.0 Implementation Impact on Service Providers and XBRL Creation Software – Are You Ready?, addresses the implementation of this new XBRL International technical specification in the 2021 US GAAP Taxonomy. Providers […more]
July, 2020 The XBRL standard was developed, and is supported, by a global community of accountants, technologists, data and software providers, issuers, investors, and standard setters. Our community supports regulators and businesses that adopt the standard by responding to changing technologies, continuously expanding on the specification to meet new demands, and providing education and support. […more]
June, 2020 XBRL US CEO blogs about “Single audit, data standards and the GREAT Act”. President and CEO Campbell Pryde explains the importance of understanding all the facts behind how Single Audit reports are prepared today, and how data standards required in the GREAT Act are designed to improve the process for grantees, auditors, government […more]
May, 2020 CAFR Taxonomy public review is closed. Multiple comments received. XBRL US concluded the public review for V0.3 of the CAFR Taxonomy which represents seven statements, two footnotes and several schedules for the Single Audit Report. Comments were received from the Governmental Accounting Standards Board (GASB), as well as individual states, including Tennessee and […more]
April, 2020 Economic difficulties brought on by the COVID-19 crisis highlight the value of timely, accurate, consistent data to aid in the administering of loan programs like the small business loans in the CARES stimulus package, and in other relief programs we’re likely to see down the road. Congress has approved billions in funds for […more]
The national consortium for
the business reporting standard
