Newsletter for the Reporting Standard of Business and Government

June, 2025

GovFin 2025: Designing a Digital Future, moves online to maximize reach, features hands-on workshop for government finance officers. The 2-day conference will be held fully online to reach more state and local government financial officers and will feature workshop training on how machine-readable financials can be prepared. Attendees will have access to tools, demonstrations, exercises and small group discussions to demystify digital, machine-readable data preparation. Register at the government ticket price of $29. Add $70 to earn up to 8 CPE credits.

The Securities and Exchange Commission (SEC) hosted a Roundtable on Executive Compensation Disclosure Requirements. The roundtable which was videotaped, was held on June 26, 2025, and featured sessions on setting compensation and informing investment decisions, and on the evolution of executive compensation disclosure (see agenda). Statements from the SEC regarding the topic have been published on their website: Chair Atkins, Commissioner Pierce, Commissioner Crenshaw, Commissioner Uyeda.

The Commission accepted comment letters from interested parties on the topic and XBRL US submitted a letter pointing out that while certain executive compensation data such as disclosures required per the Pay versus Performance final rule must be reported in structured (XBRL) format, other compensation data such as the Summary Compensation Table, the Outstanding Equity Awards at Fiscal Year-End Tables, and the Table of Grants are required to be reported but not in structured, machine-readable format. We indicated that any data that is important enough to be disclosed should be prepared in structured, machine-readable format to maximize efficiency.

The SEC formally withdrew 14 notices of proposed rulemaking issued between March 2022 and November 2023. Three of the rules withdrawn contain XBRL components:

The proposed rule details are linked on these pages.

The SEC extended the Form PF Amendments compliance date to October 1, 2025. The compliance was originally set for March 12, 2025, and was subsequently pushed to June 12, 2025. The SEC noted that the additional extension to October 1, 2025, will give more time to filers to program and test for compliance with the amendments. Read the announcement and the final rule for the extension and for Form PF requirements.

The SEC published their Semi-Annual Report to Congress Regarding Public and Internal Use of Machine-readable Data for Corporate Disclosures. This report, which is required to be prepared every six months per the Financial Data Transparency Act (FDTA), contains an identification of which data is prepared in machine-readable format, a cost/benefit analysis of the use of the data, a summary of enforcement actions taken through the use of machine-readable data, and an analysis of how the Commission uses the data. The report noted that the Commission has not adopted any new rules requiring the use of structured data since the last semi-annual report. Currently there are 55 forms, schedules and statements containing disclosures. 43 out of 55 require some machine-readable data.

XBRL US commented on the SEC SPAC Taxonomy. XBRL US submitted a letter to the SEC raising concerns about the SPAC Taxonomy which is used to tag disclosures in compliance with the final rule, Special Purpose Acquisition Companies, Shell Companies, and Projections.

The letter pointed out certain challenges with the SPAC Taxonomy, including the difficulties working with highly detailed elements for narrative disclosures that do not always align with industry practice, lack of clarity surrounding the use of extension elements, and elements that are missing from the taxonomy. It also raises a number of questions regarding the rule itself and use of the taxonomy.

The SEC made several technical updates related to the EDGAR System. The Commission adopted the updated EDGAR Filer Manual, including amendments to Volume II and related rules and forms. Read the final rule.

Separately, they announced that the EDGAR Next Beta environment has been updated to require testers to present Login.gov account credentials to access EDGAR Filing, EDGAR Online Forms, and EDGAR Filer Management, and to make test filings. Testers can now also select the CIK that will display in the first 10 digits of the accession number—the "login CIK"—when submitting a test filing. Changes will be implemented in the live EDGAR system on September 15, 2025. Visit the EDGAR Next webpage on SEC.gov for more information. Visit the EDGAR Enrollment page.

Incomplete and inappropriate tagging found in an SEC analysis of Schedules of Investments by Business Development Companies. The SEC evaluation found common errors including: 1) Inappropriate tagging of subtotals of investments by industry or by investment type with Investment, Identifier [Axis], 2) Tagged data that did not include the issuer affiliation information at the investment level, 3) Inappropriate use of the Derivative Instrument Risk [Axis] or Investment, Identifier [Axis] when tagging open interest rate swap contracts, and 4) Inappropriate creation of a custom element or tagging the data with Investment Owned, Fair Value along with dimension Investment, Identifier [Axis] when tagging the amount of "Liabilities in excess of other assets".

The SEC announcement pointed out that the Schedule of Investment contains valuable information about a BDC's investment portfolio and that accurate, consistent tagging is essential across BDCs.

The SEC announced plans to hold the 2025 Joint Compliance Outreach Program on November 18-19, 2025, to discuss compliance and regulatory matters directly with municipal market professionals. The event will be held virtually and registration is open. Questions and proposed topics can be submitted in advance by emailing sessionquestions@finra.org .

XBRL US Events

SEC Filing Fee Disclosure Requirements - Phase 1 Lessons Learned, July 16, 2025 at 3 PM ET

The Securities and Exchange Commission (SEC) has amended most of its fee-bearing forms and schedules to require filers to present filing fee calculations in a separate exhibit structured in Inline XBRL format as outlined in the final rule "Filing Fee Disclosures and Payment Methods Modernization". Large accelerated filers began complying with the new rule in July of 2024, this year all other filers are phasing in starting July 31, 2025. Join XBRL US in a review of lessons learned in the early phase of the rollout that may help SEC filers beginning to comply in this next phase. Speakers include:

Nikky Berteau, Sales Engineer, Disclosure Solutions, Broadridge Financial Solutions
Theresa Jasper, Senior Product Specialist, Toppan Merrill
Angela McTere, Business Requirements Analyst, Donnelley Financial Solutions (DFIN)

EDGAR Next Enrollment - Lessons Learned & Special Situations, July 23, 2025 at 3 PM ET

Enrollment in the SEC's EDGAR Next is well underway. Registrants must be enrolled by year-end 2025. This rule presents an important change in how public companies and investment management companies will submit filings to the SEC EDGAR System. This webinar builds on our March 5, 2025 session that covered the enrollment process in detail.

Attend this follow-up program for best practices, lessons learned, and a deeper dive into special situations that may impact certain filers and filing agents. Speakers include:

Nikky Berteau, Sales Engineer, Disclosure Solutions, Broadridge Financial Solutions
Jennifer Froberg, Business Consultant IT, Toppan Merrill
Angela McTere, Business Requirements Analyst, Donnelley Financial Solutions (DFIN)

GovFin 2025: Designing a Digital Future, July 30-31, 2025

Attend this 2-day online program to earn up to 8 CPE credits, and hear keynotes Colorado State Treasurer Dave Young, former United States Comptroller General David M. Walker, and Professor Debra Austin, JD, PhD from the University of Denver Sturm College of Law. Participate in hands-on training and get an insider view of data standards and how to create machine-readable financial reports. Other speakers join from the Ohio State Auditor, Washington State Auditor, the SEC Office of Municipal Securities, Michigan Department of Treasury, Municipal Securities Rulemaking Board (MSRB), the Governmental Accounting Standards Board (GASB), and more.

XBRL US Meetings

The Data Quality Committee (DQC) met on Wednesday, June 18; get details and learn about the DQC: https://xbrl.us/dqc

The Domain Steering Committee will meet Tuesday, July 15, at 2 PM ET. https://xbrl.us/events/dsc-250715 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, July 15, at 3 PM ET. https://xbrl.us/events/csc-250715 - all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, July 8, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, July 29, at 12:30 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, July 9, at 4 PM ET. (membership@xbrl.us for details)

The Academic Subcommittee will meet Monday, July 14, at 1 PM ET. (membership@xbrl.us for details)

XBRL US Articles, White Papers, and Blogs

Blog Post: Standard Business Reporting Expands to Nordic Countries
The Nordic Council of Ministers, in 2016, began a program called Nordic Smart Government & Business (NSG&B) with a goal to make real time business data accessible and usable for innovation and growth across the Nordic region in an automatic, consent-based and secure manner. The program began with each country's business registry but has since expanded to 21 government agencies from across the region. The first phase of NSG&B ran from 2021 thru 2024; it established multiple working groups and has met six of the eight milestones originally set.

Blog post: CARB can minimize burden for global entities and California-only reporters. This post describes how the California Air Resources Board (CARB) can allow global entities to submit the same digital report sent to other regulators, and give entities that are only required to report in California, access to a free open-source tool. This approach will minimize the burden on reporting entities, produce good quality, machine-readable climate-related data, and reduce the cost to regulators when making this data publicly available.

Access and try out the open-source tool: https://ghg.xbrl.us/

XBRL US Members are committed to engaging and collaborating with other members, contributing to the standard through involvement of their teams, and striving to build awareness and educate the market. Members of XBRL US represent the full range of the business reporting supply chain.

Not yet an XBRL US member? Maybe it's time to consider joining XBRL US for yourself ($55 - $500/ year) or your organization (fees vary). Find out more about the benefits of membership and how to become involved by visiting https://xbrl.us/benefits.