Updates

Posted Tuesday, December 31, 2019

U.S. Federal Data Strategy – 2020 Action Plan Published

The U.S. Federal Data Strategy Plan, which provides a common set of data principles and best practices in implementing data innovations, was published on December 31, 2019. Annual action plans identify and prioritize practice-related steps for the year, and include targeted time frames and responsible entities. The plan outlines Agency Actions, Community of Practice Actions, and […more]

Posted Tuesday, December 31, 2019

Newsletter for the Reporting Standard of Business and Government

December, 2019 Happy New Year! The stage is set for a great 2020, thanks to the work of our members on critical projects in 2019: Completing the Taxonomy Development Handbook (a multi-year project), the Style Guide and other building blocks to create good quality taxonomies; Building more data quality rules and guidance to give issuers […more]

Posted Wednesday, December 18, 2019

SEC Proposes XBRL for Resource Extraction Issuers

The SEC published a rule proposal on Disclosure of Payments by Resource Extraction Issuers.  The rule would require resource extraction issuers to include in an annual report information relating to payments made to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires these […more]

Posted Tuesday, December 3, 2019

XBRL US Comments on SEC Proposal: Statistical Disclosures for Banks

XBRL US submitted a comment letter responding to the SEC proposal, Update of Statistical Disclosures for Banks and Savings and Loan Registrants. The letter noted that we strongly disagree with the proposal as stated which does not require the use of data standards for reported information that is highly financial in nature. Data reported through Guide […more]

Posted Monday, November 25, 2019

October / November Newsletter

October / November 2019 Legislative and Regulatory News ROC of the LEI Seeks Comment on LEI for Government Entities SEC Proposes Inline XBRL for Fee Calculation Tables and Fee Footnotes Senate Passes GREAT (Grant Reporting Efficiency and Agreements) Act SEC Proposes Update of Statistical Disclosures for Banks and Savings and Loan Registrants FASB Proposes Updates […more]

Posted Monday, November 4, 2019

XBRL US CEO Participated in SEC Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on November 4, 2019 which addressed “Structured Disclosures by Municipal Issuers” featuring XBRL US CEO Campbell Pryde. Key messages conveyed during the panel included how XBRL data standards can be used to improve the efficiency and effective of municipal reporting. Separately, […more]

Posted Monday, November 4, 2019

Reason Foundation Comments on SEC FIMSAC Discussion on Structured Municipal Disclosures

The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on November 4, 2019 which addressed “Structured Disclosures by Municipal Issuers” featuring speakers from Municipal Securities Rulemaking Board (MSRB), Will County, IL, Municipal Market Analytics, XBRL US, and the Securities and Exchange Commission. Marc Joffe and Spencer Purnell of XBRL US […more]

Posted Monday, October 28, 2019

FASB Chairman to Address Importance of Standardized Data in Setting Accounting Standard, at XBRL Investor Forum, Nov 4 in NY

FASB Chairman Russ Golden to keynote XBRL US Investor Forum.

Topics to be covered include blockchain, artificial intelligence, new reporting domains like municipal securities reporting, and more.

Posted Tuesday, October 22, 2019

XBRL US Comments on SEC Modernization of Reg S-K

XBRL US submitted a comment letter responding to the SEC proposal, Modernization of Regulation S-K Items 101, 103, and 105. The Commission proposes various changes in disclosure requirements related to Item 101 for business description, Item 103 for legal proceedings and Item 105 for risk factors. The proposed amendments are intended to improve the readability of […more]

Posted Wednesday, October 2, 2019

SEC Proposes Update of Statistical Disclosures for Banks

On September 17, 2019, the SEC published a rule proposal: Update of Statistical Disclosures for Bank and Savings and Loan Registrants.  Today, that proposal was posted on the Federal Register, with an official publication date of October 3. Comment letters are due 60 days from the date of publication in the Federal Register. A proposal […more]