Items tagged with "government"

Newsletter for the Reporting Standard of Business and Government

August, 2021 SEC Commissioner Caroline Crenshaw and Independent Corporate Director, former FASB Chair, Leslie Seidman to keynote XBRL US Investor Forum: Data that Delivers. The half-day, virtual event, to be held on November 10, will feature case studies and demonstrations of how machine-readable data has changed the analytics dynamic for investors, corporate financial planners, researchers, […more]


Grants Reporting Case Study: College of DuPage

Executive Summary Reporting, collecting, and analyzing data about individual grants, and the grantees themselves, is time-consuming, labor-intensive, and costly. Grantees prepare multiple forms, and duplicate data reported. Federal awarding agencies and other users of grantee information manually extract data from inconsistently prepared PDF forms or text files. The GREAT (Grants Reporting Efficiency and Transparency) Act […more]


July, 2021 Newsletter

July, 2021 The Securities and Exchange Commission (SEC) announced an ambitious schedule in their Spring 2021 UnifiedAgenda of Regulatory and Deregulatory Actions. The announcement outlines both proposed and final rules for thisFall and Spring 2022. Rules coming out in October most likely to impact the XBRL community, as well as issuers,include a final rule for […more]


June, 2021 Newsletter

June, 2021 SEC announced tools and programs to support issuers, XBRL application providers, and data users. On June 22, the Commission announced its intent to conduct a test pilot program to support the planned roll-out of the final rule Securities Offering Reform for Closed-End Investment Companies. This is an important development that will help issuers […more]


May, 2021 Newsletter

May, 2021 Financial Transparency Act (FTA) reintroduced to 117th Congress. This important bill, if passed, calls for eight financial regulatory agencies to require data standards for their reporting entities. The FTA was reintroduced on May 4, 2021, as H.R. 2989 by co-sponsors Carolyn Maloney (D-NY) and Patrick McHenry (R-NC). Agencies named in the bill include […more]


Financial Transparency Act (H.R. 2989) Reintroduced to 117th Congress

The Financial Transparency Act (FTA) was reintroduced to the 117th Congress by co-sponsors, Representatives Carolyn Maloney (D-NY) and Patrick McHenry (R-NC) as H.R. 2989. If passed, the FTA will improve government operating efficiency by streamlining regulatory reporting. It calls for eight financial regulatory agencies of the U.S. Financial Oversight Council (FSOC) to adopt and apply […more]


April, 2021 Newsletter

Sustainability and climate issues remain in the headlines in the US and Europe. US Treasury Secretary Janet Yellen gave a compelling speech this month outlining Treasury’s “whole-of-government” approach to climate change, emphasizing the importance of ESG data, and Treasury’s intent to work with the Securities and Exchange Commission (SEC) to ensure an effective approach to […more]


March, 2021 Newsletter

March, 2021 Corporate sustainability takes center stage for both industry and regulators. March was a busy month for those interested in climate and other ESG topics. The Sustainability Accounting Standards Board (SASB) published its draft XBRL Taxonomy, which represents ESG metrics for 77 industry groups. XBRL US’ Domain Steering Committee reviewed and provided feedback to […more]


February, 2021 Newsletter

February, 2021 SEC EDGAR System supports XBRL US DQC rules. In its draft EDGAR Filer Manual (Volume II), the Commission announced that EDGAR Release 21.1 will support XBRL US Data Quality Committee (DQC) rules in the US GAAP Taxonomy Release 2021, noting: EDGAR will support new data quality-enhancing checks included by FASB in the US-GAAP […more]


XBRL US Comments on GASB Exposure Draft

XBRL US submitted a comment letter to the Governmental Accounting Standards Board (GASB) in response to their public exposure of Project No. 3-20 (Recognition of Elements of Financial Statements) and Project No. 3-25 (Financial Reporting Model Improvements). Our letter emphasized the importance of considering how state and local government data is used, noting: We believe […more]