March 2025 Newsletter

March, 2025

Regulatory climate disclosure rules worldwide adapt in a changing global environment. The European Commission (EC) announced the adoption of a new package of proposed rules on sustainability and financial data which aims to simplify European Union (EU) rules and provide administrative relief. While XBRL reporting requirements for the CSRD remain the same, the package includes changes to Corporate Sustainability Resources Directive (CSRD) requirements that reduce the number of companies required to report, delay the timing of reporting, and reduce the amount of data required to be reported. In IFRS reporting countries however, 36 jurisdictions have mandated or announced plans to mandate reporting requirements set by the International Sustainability Standards Board (ISSB) for climate disclosures.

In the U.S. this month, the Securities and Exchange Commission (SEC) announced that it had voted to end the defense of its own climate disclosure rules requiring climate-related risks and greenhouse gas emissions. The absence of federal regulation however, is being filled by state legislators with their own climate data collection programs.

The California Air Resources Board (CARB) has completed its solicitation for input on regulations being prepared to support California Climate Disclosure Legislation, Senate Bills 253 and 261, as amended by SB 219. In XBRL US' response to the solicitation, we urged CARB to adopt the same digital, standardized data approach that is being implemented by other regulators around the world. Our letter noted that global regulators that have adopted climate reporting mandates require data to adhere to the Greenhouse Gas (GHG) Protocol and the Task Force on Climate Related Financial Disclosures (TCFD), and require data to be prepared in XBRL (eXtensible Business Reporting Language) format.

In New York State, the Climate Corporate Data Accountability Act (S3456/A4282) was introduced early this year. On April 2, S3456 passed out of the Senate Environmental Conservation Committee and was referred to the Finance Committee; this suggests that the bill has a good chance of moving through the Senate this year. XBRL US expressed our support for S3456 in a letter to the bill's sponsor, Senator Hoylman-Sigal. Similar, but not identical, legislation has been introduced in New Jersey and Illinois.

To educate businesses that may need to comply with climate rules, both global and US based, XBRL US held a ½ day conference in San Francisco on March 20, 2025, Global Climate Reporting: Corporate Roundtable. The program featured California State Senator Scott Weiner, sponsor of SB 253, as well as speakers from the American Institute of CPAs (AICPA), EcoEngineers, KPMG, and Sensiba. The video replay and slides are available here.

SEC extends compliance dates for the final rule, Investment Company Names. The announcement, published in the Federal Register, stated that compliance dates are extended from December 11, 2025, to June 11, 2026, for fund groups with net assets of $1 billion or more as of the end of their most recent fiscal year; and from June 11, 2026 to December 11, 2026, for fund groups with less than $1 billion in net assets as of the end of their most recent fiscal year.

SEC publishes a Proposed Collection; Comment Request for an Extension of their rule on Interactive Data. Written comments are requested on the collection of data, accuracy of the agency's burden estimate, ways to enhance the quality of the data, and ways to minimize the burden of the information collection. Submissions must be made by May 27, 2025.

SEC EDGAR modernization program begins. EDGAR Next, the SEC's new program to modernize the EDGAR submission program, initiated the enrollment period. Filers are required to enroll on the dashboard of the new EDGAR Filer Management website on or before September 12, 2025 to avoid interruption in the ability to file. Enrollment ends December 19, 2025. Filers may continue filing on the EDGAR filing websites through September 12, 2025 as they do currently.

XBRL US Events

GovFin 2025: Designing a Digital Future, July 30-31, 2025 in Denver, Colorado.

Early registration is now open. Keynote presentations will be given by David M. Walker, former United States Comptroller General, and Debra Austin, JD, PhD, Professor of the Practice, University of Denver Sturm College of Law. Other conference speakers confirmed to date are from the Offices of the Ohio State Auditor, Washington State Auditor, and the Colorado State Auditor, the University of Denver, the Governmental Accounting Standards Board (GASB), Municipal Securities Rulemaking Board (MSRB) and more. Learn more and register: https://govfin.xbrl.us

Webinar: Data Quality, Corporate Disclosures & the SEC, May 1, 2025.

75% of disclosures reported to the Securities and Exchange Commission (SEC) under Securities Act Section 7, Exchange Act Sections 13 and 14 are submitted in structured, standardized format. Since 2015, XBRL US' Data Quality Committee (DQC) has been helping preparers improve the integrity of their XBRL submissions to the SEC by creating freely available automatable rules that check for errors. The quality of filings has increased significantly and many of the rules are now built into the SEC Electronic Data Gathering and Retrieval (EDGAR) system directly.

Attend this program for an analysis of trends in data quality across filer and disclosure type. Learn about the most common problems encountered in filings, and how issuers are reacting to the availability of the rules. Get insights into current and upcoming rulesets and the problems they're designed to address. Hear from the SEC on how XBRL reported data is being used by internal and external audiences. Speakers will join from the Office of Structured Disclosure, Securities and Exchange Commission (SEC), Toppan Merrill, and XBRL US. Register: https://xbrl.us/events/250501

Webinar: 2025 Meta Model Improvements, May 21, 2025.

The Meta Model incorporates expressive relationships that help preparers identify the appropriate elements for tagging in their filings, support data users in consuming data, and facilitate the creation of business rules. By conveying attribute information and illustrating how elements relate to one another, the Meta Model enhances data usability and interpretation.

Join the FASB and XBRL US for this 60-minute session to explore these relationships and the latest enhancements introduced in the 2025 Meta Model. Accountants, developers, technologists, and data/analytics providers should attend. Speakers include Campbell Pryde, President and CEO, XBRL US, and David Shaw, Senior Project Manager, XBRL, Financial Accounting Standards Board (FASB). Register: https://xbrl.us/events/250521

Video Replay: Global Climate Reporting: Corporate Roundtable, San Francisco, California.
The program addressed global and US climate reporting requirements and featured speakers from the California State Senate, the AICPA, EcoEngineers, KPMG, and Sensiba. Watch the video and access the slides: https://xbrl.us/events/global-climate-reporting

Webinar Replay: Countdown to EDGAR Next Enrollment.
On March 24, 2025, the new EDGAR Filer Management dashboard will go live. Registrants must be enrolled by year-end 2025. Enrollment is the first step for registrants and one of the most critical aspects of making a smooth transition. Before you begin enrollment, make sure you have all information at the ready for a smooth and efficient process. Attend this 60-minute session to learn about important deadlines, get a "prep for enrollment" checklist, and see technical walk-throughs of both the bulk and manual enrollment process. Register: https://xbrl.us/events/250305

XBRL US Meetings

The Data Quality Committee (DQC) held its most recent meeting with the SEC on Wednesday, March 26, 2025. Get highlights and register for the next DQC meeting on Wednesday, June 18: https://xbrl.us/dqc

The Domain Steering Committee will meet Tuesday, April 15, at 2 PM ET. https://xbrl.us/events/dsc-250415 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, April 15, at 3 PM ET. https://xbrl.us/events/csc-250415 - all XBRL US Members are invited to attend

The XBRL US Regulatory Modernization Working Group will meet Tuesday, May 13, at 3 PM ET. (membership@xbrl.us for details)

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

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, April 16, at 4 PM ET. (membership@xbrl.us for details)

The XBRL US Academic Subcommittee will meet Monday, May 12, at 1 PM ET. (membership@xbrl.us for details)

XBRL US Articles, White Papers, and Blogs

Blog Post: Why Normalize Data?
David Tauriello, Vice President of Operations at XBRL US, discusses how normalizing XBRL-filed SEC data improves comparability and transparency. The XBRL US Standardized Statement Taxonomy enables the creation of normalized core concepts for commercial and industrial company balance sheets, income statements, and cash flow statements. The new taxonomy was developed in large part to assist in the data quality rule process. Reviewing normalized data uncovers outliers and leads to improved understanding of issues related to how data is reported. Read more to learn how you can leverage the normalization process, available courtesy of the XULE open-source processing language, to build your own custom standardized datasets. Read more: https://xbrl.us/why-normalize-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 - $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.