Newsletter for the Reporting Standard of Business and Government

July, 2025

The California Air Resources Board (CARB) released an FAQ on regulatory implementation of SBs 253 and 261. The FAQ responds to questions and feedback that CARB received during its May 29, 2025 Virtual Public Workshop and from its solicitation for input on how the two bills will be most effectively implemented. XBRL US' response letter to the CARB solicitation noted our support for the proposed program and urged CARB to adopt the same digital, standardized data approach that is being implemented by other regulators around the world to reduce reporting burden and produce consistent, interoperable data.

The FAQ also provides guidance to covered entities and the public about reporting emissions and climate-related financial risk.

In other climate news, an Exposure Draft concerning the European Sustainability Reporting Standards (ESRS) was launched to collect stakeholder feedback. The Draft aims to streamline the double materiality assessment, reduce overlap across standards, clarify language and structure. Comments must be submitted by September 29, 2025. Technical advice must be submitted by EFRAG to the European Commission by November 30, 2025. Read the EFRAG announcement.

SEC warned issuers about scaling errors in tagging. The Securities and Exchange Commission (SEC) noted in an email that they have seen scaling errors in the tagging of public float on the Form 10-K for fiscal year 2024 and encouraged filers to review their tagged data to ensure scaling accuracy. Filers should carefully review their public float data to ensure accuracy and consistency. For more data quality reminders, see Staff Observations and Guidance.

XBRL US Articles, White Papers, and Blogs

Blog Post: Banks gain with govt-shared data dictionaries (SBR)
With XBRL-based data preparation and collection very much ingrained into the normal business activities of companies of all sizes in the Netherlands, Standard Business Reporting (SBR) has expanded into the private sector. The government-created shared data dictionary and approach is now leveraged in SBR Nexus, a program established by three major Dutch banks, ING, ABN Amro, and Rabobank.

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.

XBRL US Events

Standard Business Reporting Webinar Series, August 19 & September 22

SBR programs worldwide improve efficiencies by standardizing and digitizing data exchange between regulatory agencies and businesses. The Government Accountability Office (GAO) is exploring the feasibility of SBR for the U.S. as a requirement outlined in the Financial Data Transparency Act (FDTA). Attend this 2-part series:

SBR: Fundamentals & Nordic Case Study, 10 AM ET on August 19
Standard Business Reporting (SBR) has helped regulatory agencies and businesses around the world gain efficiencies by streamlining data exchange through standardization. Governments in the Nordic region initiated a program to test out SBR across five countries with a goal to make real time business data accessible and usable. Attend this 60-minute session to learn the fundamentals of SBR and why it's been successful, and to learn how SBR principles have been applied in the Nordic program, Nordic Smart Government & Business. Featuring John Turner, CEO of XBRL International and Minna Rintala, Head of Unit, Real Time Economy project in Finland.
Register: https://xbrl.us/events/250819/

SBR: Dutch Banking Case Study, 10AM ET on September 22
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. They were able to leverage 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.
Register: https://xbrl.us/events/250922/

Webinar Replay: SEC Filing Fee Disclosure Requirements - Phase 1 Lessons Learned
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)

Watch: https://xbrl.us/events/250716/

Webinar Replay: EDGAR Next Enrollment - Lessons Learned & Special Situations
Enrollment in the SEC's EDGAR Next is well underway. Registrants must be enrolled by year-end 2025. 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, Sr. Product Specialist, Toppan Merrill
Angela McTere, Business Requirements Analyst, Donnelley Financial Solutions (DFIN)

Watch: https://xbrl.us/events/250723/

GovFin 2025: Designing a Digital Future, Fireside Chat: What's Next for the Financial Data Transparency Act?
The SEC's Dave Sanchez, Director of the Office of Municipal Securities, participated in a discussion with Marc Joffe, Founder, Center for Municipal Finance and Visiting Fellow, California Policy Center. Thanks to DFIN's Livestream Sponsorship, this event was streamed live on our YouTube channel during the event, and we'll be making sessions available by mid-August.

Watch session replay: https://xbrl.us/govfin25/

XBRL US Meetings

The Data Quality Committee (DQC) has posted its 28th version of Rules and Guidance for public comment. There are 11 rules available through September 16: https://xbrl.us/public-review

The Domain Steering Committee will meet Tuesday, August 19, at 2 PM ET. https://xbrl.us/events/dsc-250819 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, August 19, at 3 PM ET. https://xbrl.us/events/csc-250819 - all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, August 12, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, August 26, at 12:30 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, August 20, at 4 PM ET. (membership@xbrl.us for details)

The Academic Subcommittee will meet Monday, August 18, at 1 PM ET. (membership@xbrl.us for details)

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.