October, 2024
U.S. Senator Mark R. Warner (D-VA) and U.S. Congressman Patrick McHenry (R-NC) to speak at Digital Reporting for Measurable Results, November 14 in Washington, DC. Congressman McHenry will give a keynote address and Senator Warner will provide special videotaped remarks addressing the importance of the Financial Data Transparency Act (FDTA) which is expected to generate economies of scale to cut regulatory spending, reduce reporting burden, and lower the cost of analysis for researchers, investors, governments, and citizens.
Don’t miss this important conference with sessions featuring speakers from BNY, the Data Foundation, FactSet, the Federal Energy Regulatory Commission (FERC), the Global LEI Foundation, ISSB, KPMG, the London Stock Exchange Group, and more. Register: Learn more.
XBRL US applauds LEI requirements in the FDTA proposal, but strongly disagrees with the approach to data standards proposed in the rule. The XBRL US letter, which was submitted to all nine FDTA Agencies, raised concerns that the properties-based approach to selecting a data standard that was described in the Agencies rule proposal, will result in collected data sets that are not interoperable. This proposal will not reap the economies of scale that data standards can bring, incurring unnecessary costs across the data ecosystem. Our letter makes a number of recommendations, including adopting a single semantic data model structure (XBRL) which will help the Agencies meet the expectations of this important legislation. Read a summary of key recommendations.
XBRL US also submitted a separate letter responding to questions raised by SEC Commissioner Hester Pierce in her remarks about the FDTA which addressed the costs and benefits of the FDTA for issuers and regulators.
FASB published multiple proposals for improvements to the GAAP Taxonomy, the 2025 Employee Benefit Plan (EBP) Taxonomy, which is part of the GAAP Taxonomy, and a Taxonomy Implementation Guide. The RFCs are open for comment in November and December. See details about each RFC below:
- Proposed technical and other conforming improvements to 2025 Employee Benefit Plan (EBP) Taxonomy which is included in the GAAP Financial Reporting Taxonomy. Comments must be submitted by November 18, 2024. (File Reference No. 2025-2600.). Read the announcement.
- Proposed GAAP Taxonomy Implementation Guide, Boolean, Fixed Lists and Extensible Enumerations for a 60-day comment period ending December 20, 2024. (File Reference Number 2025-250.) Read the announcement.
- For Accounting Standards Update on Derivatives and Hedging (Topic 815); and on Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The comment period ends November 14, 2024. Read the announcement
XBRL US Events
Digital Reporting for Measurable Results: Climate, Corporate, Government, November 14 in Washington, DC
Register now for this one-day conference addressing the Financial Data Transparency Act (FDTA) as well as US and global climate reporting requirements in digital format. This event is hosted by KPMG and will be held at their office at 1801 K Street NW. Learn more and register.
Webinar: Start Planning – SEC Cybersecurity Disclosure Rules for Public Companies, November 6, 3 PM ET
Hear Nabeel Cheema, Special Counsel, Office of Rulemaking, Division of Corporation Finance, U.S. Securities and Exchange Commission and Justine Robinson, Of Counsel, Gibson, Dunn & Crutcher LLP, as they discuss the SEC rationale for the rule and implications for issuers. Get a practical tagging and preparation review, as well as tips and resources that can help you prepare. Register: https://xbrl.us/events/241106
XBRL US Meetings
The Data Quality Committee (DQC) held its most recent meeting with the SEC on Wednesday, September 25, 2024. Learn about the DQC: https://xbrl.us/dqc
The Domain Steering Committee will meet Tuesday, November 19, at 2 PM ET. https://xbrl.us/events/dsc-241119 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, November 19, at 3 PM ET. https://xbrl.us/events/csc-241119 – all XBRL US Members are invited to attend
The XBRL US Regulatory Modernization Working Group will meet Tuesday, December 10, at 3 PM ET. (membership@xbrl.us for details)
The XBRL US Standard Government Reporting Working Group will meet Tuesday, November 26, at 12:30 PM ET. (membership@xbrl.us for details)
The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, December 11, at 4 PM ET. (membership@xbrl.us for details)
The XBRL US Academic Subcommittee will meet Tuesday, December 10, at 12 PM ET. (membership@xbrl.us for details)
XBRL US Articles, White Papers, and Blogs
Blog Post: How to Improve the FDTA Rule – Response from XBRL US
The cost of government regulation is increasingly seen as a burden by many in Congress and the courts who look to limit the scope of regulatory agencies. At the same time, data collected by regulatory agencies is becoming more important for the functioning of a modern economy.
The FDTA comes at an opportune time. Implemented correctly, it will result in machine-readable and machine-understandable data, enhancements to data quality, and economies of scale to reduce the cost of reporting, collection and analysis. It will also give Agencies more flexibility, help them keep requirements current, and enable collaboration without bureaucracy. Read more:https://xbrl.us/fdta-rule-proposal-xbrlus-response/
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.
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