The latest on Using XBRL Data

Posted Wednesday, February 12, 2020

Approved Validation Rules

The Data Quality Committee released version 11 of freely-available rules and guidance in February. These 53 rules are automated checks that help filers using US GAAP and IFRS Taxonomies supported by the US Securities and Exchange Commission detect and resolve inconsistencies or errors in XBRL-formatted financial data.


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Posted Tuesday, February 11, 2020

SEC Updates Interactive Data Test Suite

The Securities and Exchange Commission (SEC) has updated their Interactive Data Test Suite, which is located at https://www.sec.gov/structureddata/osdinteractivedatatestsuite. The test suite is designed to assist filers using software to validate their XBRL filing prior to EDGAR submission. For a summary of changes, see the change log on the last page of the summary file (https://www.sec.gov/info/edgar/ednews/efmtest/efm-53.1d-200210.zip). Comments […more]


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Posted Monday, February 10, 2020

SEC Fixed Income Markets Advisory Committee (FIMSAC) Addresses Muni Transparency

The Securities and Exchange Commission’s Fixed Income Markets Advisory Committee held a meeting on February 10, 2020 including a panel on “Draft Municipal Securities Transparency Recommendation Regarding Timeliness of Municipal Issuer Disclosures”. Speakers on the panel were: Geidre Ball, Metropolitan Washington Airports Authority Emily Brock, Government Finance Officers Association Akiko Mitsui, Vanguard Hannah Sullivan, Fidelity […more]


Posted Monday, February 3, 2020

January 2020 Newsletter

January, 2020 2020 will be a critical year for the modernization of government and regulatory reporting. On December 30, 2019, the President signed the Grants Reporting Efficiency And Transparency (GREAT) Act (https://www.congress.gov/bill/116th-congress/house-bill/150) into law, which requires the use of data standards in grants reporting. The GREAT Act dovetails with the President’s Management Agenda, Results-Oriented Accountability […more]


News

Posted Thursday, January 30, 2020

SEC Proposes Reg S-K Modernization, Including MD&A

The Securities and Exchange Commission (SEC) announced rule amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The amendments include eliminating Item 301 of Regulation S-K, Selected Financial Data and Item 302 of Regulation S-K, Supplementary Financial Information to eliminate duplication. The rule also includes an amendment to Item 303 of […more]


News

Posted Thursday, January 23, 2020

SEC Announces Conference on Municipal Securities Disclosures

The Securities and Exchange Commission announced that they are scheduling a conference titled “Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices” to be held on March 10  at SEC headquarters in Washington D.C. from 9:30 a.m. to 4 p.m. The event will be open to the public, with advance pre-registration available here. A livestream of the […more]


News

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

December 2019 Newsletter

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]


News

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]


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