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]
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 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 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]
January, 2021 Momentum around sustainability reporting continues to grow in 2021. Climate change and sustainability reporting is a critical topic this year. The incoming Biden administration has expressed a greater focus on environmental issues. And the current acting SEC Chair Allison Herren Lee has been outspoken in support of greater standardization for ESG data. In […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]
v20 The Data Quality Committee approves rules 3-4 times per year, and XBRL US Members who participate in the Center for Data Quality and provide filing software to clients must be certified each time new rules are approved by the Committee. Center for Data Quality software providers earn DQC certification for a release by […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]
The national consortium for
the business reporting standard
