Newsletter for the Reporting Standard of Business and Government

September, 2025

NY State Assemblymember Deborah J. Glick and California State Senator Scott Weiner recorded keynote remarks from XBRL US' Digital Climate Reporting Roundtable are now available. The roundtable was held September 22, 2025 during Climate Week NYC, hosted by the AICPA at their midtown NYC offices. Panelists included Ami Beers, AICPA; Corinne Dougherty, KPMG; Karen Bodner, BNY; Nick Hart, Data Foundation; Jeremy Osborn, AICPA & CIMA; Campbell Pryde, XBRL US; and Neil Stewart, IFRS Foundation. An AI summary of the roundtable noted key findings including the role of standards organizations collaborating to reduce reporting burden, the importance of assurance for data quality, the critical part that technology providers play in supporting the market, the rapid adoption of ISSB standards, and more.

The California Air Resources Board (CARB) published guidance materials to support climate data reporting in California. CARB, the state environmental regulatory agency tasked with implementing SB 253, the Climate Corporate Data Accountability Act, and SB 261, the Climate Related Financial Risk Disclosure Program, published supporting materials to provide more guidance for stakeholders:

A preliminary list of entities that are expected to be covered by SB 261 and SB 253 which can be downloaded from the CARB FAQs and Factsheet page. CARB is accepting feedback from reporting entities to help validate the list. The feedback survey can be found on the same page.
A draft checklist for companies that will need to comply with SB 261, which applies to companies that do business in California with annual revenues in excess of $500 million. Starting with the first SB 261 report due on January 1, 2026, covered entities must prepare and publicly disclose a report on their climate-related financial risk and measures adopted to reduce climate-related financial risk. CARB will post a public docket on December 1, 2025, where companies can post the location of their public link to the report. The docket will remain open until July 1, 2026. Read the Checklist.

XBRL US comments on RFI from U.S. Treasury, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The joint-agency request focused on Potential Actions to Address Payments Fraud. The XBRL US letter described how adopting a data standards approach can give federal agencies a common framework for sharing, analyzing, and verifying information, which can make it easier to detect and stop fraudulent payments.

SEC extends compliance dates for FOCUS reports and requests input on information collection on Rules 17h-1T and 17h-2T. The Securities and Exchange Commission (SEC) announced that they are extending the compliance date by 12 months for Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report. The extension was given to allow firms more time to develop systems to comply and will give the Commission more time to build and finalize structured data taxonomies. The rule provides details on compliance dates.

Separately, the SEC published an Agency Information Collection Comment Request on the Extension of Rules 17h-1T and 17h-2T. In 2024, the SEC adopted amendments that require broker-dealers subject to Rule 17h-2T to file Form 17h-2T electronically on EDGAR using Inline XBRL. Written comments are invited on whether the collection is necessary, the accuracy of SEC burden estimates, ways to enhance the quality of data reported, and ways to minimize reporting burden. Comments are due within 60 days of the posting of this notice to the Federal Register (9/12/2025).

FASB requests comments on two proposed taxonomy improvement topics. The first topic pertains to Improvements on Paid-in-Kind Dividends on Preferred Equity-Classified Stock. Details are found in the Release Notes and the announcement. The comment period ends October 27, 2025. The second topic relates to proposed technical and other conforming improvements for the 2026 GAAP Financial Reporting Taxonomy. Details for this request can be found in the Release Notes and the announcement. The comment period ends October 31, 2025. Interested parties may provide comments on both proposed GAAP Taxonomy Improvements by sending their comments to xbrled@fasb.org. Please include the File Reference Number for each request.

XBRL US commented on the Amended ESRS Exposure Drafts published in July 2025 by EFRAG. The exposure draft outlines simplifications and revisions in the EU Corporate Sustainability Reporting Directive (CSRD) that reduce the number of covered entities and required disclosures. XBRL US responded to selected questions in the consultation related to improving the readability, clarity, and accessibility of ESRS Sustainability statements, and to questions on data interoperability and simplification. Our letter encouraged the acceptance of reports that complied with ISSB standards to enable interoperability and reduce reporting burden.

EFRAG has also been tasked with providing Technical Advice to the European Commission by drafting European Sustainability Reporting Standards (ESRS). EFRAG will publish technical guidance for the ESRS during an exposure period as well, which will close on November 30, 2025.

XBRL US commented on topics raised in the California Air Resources Board (CARB) virtual public workshop. The workshop, held August 21, 2025 provided a progress update on regulations underway for SBs 253 and 261. Our letter addressed CARB's intent to post draft reporting templates for businesses to satisfy Scope 1 and 2 reporting by the end of September. We agreed with the approach for entities not required to report GHG emissions to other regulators but urged CARB to allow companies that are already reporting sustainability data to other regulators to be able to submit the same document to satisfy California requirements to eliminate duplicate reporting. We also urged them to prepare templates they create such that they can generate structured, machine-readable data that aligns with standards used by global entities reporting to CSRD or an IFRS reporting country. To support CARB, XBRL US created an open-source Excel-based template that can be used to prepare a machine-readable GHG emissions report. Read how this works here. Try out the free tool here.

The XBRL US letter also commented on CARB cost estimates for the initial implementation of $20.7 million, and $13.9 million for each year going forward. The ongoing cost will be paid through fees collected from covered entities. We suggested that a standardized data approach may be able to reduce these costs, particularly in the years after implementation because of the economies of scale enabled through standardization, thus benefiting not only CARB but the covered entities as well.

XBRL US Events

Webinar Replay - SBR: Dutch Banking Case Study, October 2025

The SBR program in the Netherlands has expanded to the banking community where three major Dutch banks, ING, ABN Amro, and Rabobank, initiated a program called SBR Nexus to collect digital reports on their customers' operations. The banks leveraged the SBR infrastructure established by the Dutch government to improve efficiencies in information exchange between business and government agencies. Attend this program to hear René van der Meij, CTO of SBR Nexus explain how the program was developed and how it has helped banks fine-tune their credit models, improve capital allocation and risk management. Hear a discussion with Sean Ryan, CFA, Financial Sector Lead at FactSet about what SBR could mean for the U.S. banking industry. Watch: https://xbrl.us/events/251001

XBRL US Meetings

The Data Quality Committee (DQC) will meet on Wednesday, October 15, at 10 AM ET. Learn about the DQC and register to attend: https://xbrl.us/dqc

The Domain Steering Committee will meet Tuesday, October 21, at 2 PM ET. https://xbrl.us/events/dsc-251021 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, October 21, at 3 PM ET. https://xbrl.us/events/csc-251021 - all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, October 14, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, October 28, at 12:30 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, October 15, at 4 PM ET. (membership@xbrl.us for details)

The Academic Subcommittee will meet Tuesday, October 1, at 1 PM ET. (membership@xbrl.us for details)

XBRL US Articles, White Papers, and Blogs

Blog Post: Digital Climate Reporting Roundtable Summary

Review an AI summary of key findings from the XBRL US' Global Climate Reporting Roundtable, held during NY Climate Week on September 22, 2025. The roundtable featured keynote talks from New York State Assemblymember Deborah Glick and California State Senator Scott Weiner. Roundtable speakers participated from the AICPA, BNY, the Data Foundation, the IFRS Foundation, KPMG, and XBRL US. Read more:

Blog Post: Does structured energy data work better with AI?

Marc Ward, XBRL US Applications Manager, tested how a LLM worked with energy-related data for utilities. Key findings comparing structured (XBRL) versus unstructured data were that results were more reliable, complete, authoritative, and accurate when sourcing structured data.

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 - $550/ 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.