December, 2024 
California seeks input on corporate climate disclosure programs. The California Air Resources Board (CARB), the state regulator responsible for developing programs to combat climate change, has published a request for comment regarding two climate-related programs: 1) the California Corporate Greenhouse Gas Reporting Program (authorized under Senate Bill 253), which requires reporting of greenhouse gas emissions, Scope 1, 2 and 3 by companies doing business in California with total annual revenue in excess of $1,000,000,000; 2) the Climate Related Financial Risk Disclosure Program (SB 261), requiring the preparation of climate-related financial risk reports by companies doing business in California with total annual revenue in excess of $500,000,000. The Solicitation poses a series of questions aimed to inform its work to implement these two programs. XBRL US intends to urge CARB to include digital (XBRL) requirements in its final ruling to ensure maximum impact and reduce the burden on reporting entities likely to be required to comply with multiple regulators. Comments must be received by February 14, 2025.
FERC announced plans to update its taxonomy on March 28, 2025. The Federal Energy Regulatory Commission (FERC) announced that the XBRL taxonomies, validation rules, and rendering files to support FERC Forms 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 60, and 714 will be updated to Version 2025-04-01. Draft materials are available for download and comments on the draft taxonomies can be submitted by March 3, 2025 by accessing the taxonomy here.
The SEC published the final rule, Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report. This rule requires certain forms to be prepared in XML and certain forms in Inline XBRL, specifically, the Commission is requiring, as proposed, the report required by Exchange Act Rule 15fk-1(c)(2)(ii)(A) and portions of Form 1, Form CA-1, Form 17-H, and Form X-17A5 Part III and related annual filings to be provided in Inline XBRL. The effective date of this rule is 60 days after publication on the Federal Register. Read the fact sheet.
SEC Chair Gensler noted in a statement, “We live in a digital age, in which technology and electronic trading have transformed our markets. In 2024, one might think that all filings to the Commission already could be made electronically. That’s not yet true. The Commission oversees thousands of broker-dealers, the vast majority of whom submit annual audit reports. While many filers voluntarily submit these audits electronically, nearly half submitted them on paper last year. In the digital era, such paper filings have become unnecessarily burdensome and impractical for both filers and the Commission. It costs investors, money and time to travel to the SEC’s reading room. It costs the SEC money and time to process paper filings.“
In a dissenting opinion, Commissioners Pierce and Uyeda noted, “The adopting release acknowledges that, though rare, ‘[d]ata languages…can be subject to obsolescence.’ Yet the Commission proffers no instruction on performing a future review of the prescribed data languages to determine whether they remain appropriate. In an era where large language models and artificial intelligence are rapidly advancing, the possibility that the structured data format may become irrelevant is very real.“
The SEC Office of Structured Disclosure announced the upgrade of the EDGAR System to Release 24.4 which now supports the VIP Taxonomy updated for Registered Index-Linked Annuities. The 2024q4 version of the VIP taxonomy provides the elements for tagging disclosures related to the Commission’s final rule on Registration for Index-Linked Annuities and Registered Market Value Adjustment Annuities; Amendments to Form N-4 for Index-Linked Annuities, Registered Market Value Adjustment Annuities, and Variable Annuities; Other Technical Amendments. Refer to the taxonomy guide for details.
The FASB announced the availability of the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy(SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). The Financial Accounting Standards Board (FASB) also announced the availability of the 2025 DQC Rules Taxonomy(DQCRT) and 2025 GAAP Meta Model Relationships Taxonomy (MMT). The 2025 GRT, 2025 SRT, and 2025 EBPT are expected to be accepted as final by the SEC in early 2025. The FASB Taxonomies are available on the FASB Taxonomies page or directly through the links above.
The European Securities Markets Authority (ESMA) published a consultation requesting comment on their proposal on ESEF reporting requirements for sustainability reporting, and a proposal for detailed tagging of the Notes to the IFRS consolidated financial statements. Comments are due by March 31, 2025.
FASB announced that they are seeking comments on proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update on Topic 326: Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities (Release Notes). The FASB is accepting comments until January 17, 2025 which can be submitted by emailing xbrled@fasb.org. Be sure to include the File Reference Number which can be found on the Release Notes.
XBRL US Events
Modernizing Municipal Reporting, Costa Mesa, California, January 30, 2025
Hear keynote speakers California State Treasurer Fiona Ma, CPA, and John Moorlach, former California State Senator, Senior Fellow & Director, Center for Public Accountability, California Policy Center during this half-day program on the FDTA and modernizing government reporting.
The FDTA provides an opportunity to restart efforts to improve California’s fiscal reporting and oversight, including the State Auditor’s High Risk Local Government dashboard which was decommissioned in 2023 and the Open Financial Statements Act (SB 598) of 2019, legislation calling for local governments to report financials in machine-readable format using open data standards. Although ultimately SB 598 was not signed into law, its passage was a precursor to the nationwide FDTA.
Join the original supporters of the Open Financial Statements Act and others to learn about the potential impact of the FDTA on California governments, and participate in the discussion about how to implement this program efficiently and effectively. This event is held by the California Policy Center and XBRL US, sponsored by Crowe LLP and Eide Bailly LLP, and hosted by Vanguard University.
Learn more and register: https://xbrl.us/events/fdta-muni-california/
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, January 21, at 2 PM ET. https://xbrl.us/events/dsc-250121 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, January 21, at 3 PM ET. https://xbrl.us/events/csc-250121 – all XBRL US Members are invited to attend
The XBRL US Regulatory Modernization Working Group will meet Tuesday, January 14, at 3 PM ET. (membership@xbrl.us for details)
The XBRL US Standard Government Reporting Working Group will meet Tuesday, January 28, at 12:30 PM ET. (membership@xbrl.us for details)
The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, January 8, at 4 PM ET. (membership@xbrl.us for details)
The XBRL US Academic Subcommittee will meet Wednesday, January 22, at Noon ET. (membership@xbrl.us for details)
XBRL US Articles, White Papers, and Blogs
Why the release of the Meta Model Relationship Taxonomy matters.
The Financial Accounting Standards Board (FASB) released the proposed 2025 version of the Meta Model Relationships Taxonomy (Meta Model Taxonomy) for public review with comments due by November 29, 2024. The Meta Model Taxonomy is an important milestone in XBRL as it promises to revolutionize the way accounting standards can be used. It is a digital dictionary of financial reporting concepts used in the United States for tagging and structuring financial data, specifically tailored to align with U.S. GAAP (Generally Accepted Accounting Principles). The FASB “meta” taxonomy, is a higher-level framework that defines relationships and metadata around existing FASB taxonomy concepts and facilitates deeper data analysis and improved consistency in financial disclosures.
Read more: https://xbrl.us/meta-model-relationships-taxonomy/
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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