Newsletter for the Reporting Standard of Business and Government

February, 2025

Early registration is now open for GovFin 2025: Designing a Digital Future, July 30-31, 2025 in Denver, Colorado. This 1 ½ day conference features keynote speaker David M. Walker, former United States Comptroller General, plus speakers confirmed to date from the Governmental Accounting Standards Board (GASB); the Ohio State Auditor's Office; the Washington State Auditor's Office; Adams County, Colorado; and more. This event is co-produced by the University of Denver. Learn more and register.

Companies doing business in California are invited to participate in Global Climate Reporting: Corporate Roundtable. This ½ day conference in San Francisco on March 20, 2025, will feature keynote California State Senator Scott Weiner, sponsor of Senate Bill 253, the Climate Corporate Data Accountability Act, plus speakers from the AICPA, EcoEngineers, KPMG, and Sensiba, addressing changing climate mandates in the U.S. and global markets, and what companies are doing to prepare. Participate in roundtable discussions. This event is free to attend but registration is required: https://xbrl.us/events/global-climate-reporting/

SEC EDGAR system supports the 2024 Q3 version of the FND Taxonomy. The Securities and Exchange Commission (SEC) announced that the Feb 3 interim release (25.0.1) of the EDGAR System now supports the 2024 Q3 version of the Fund (FND) taxonomy. This version of the FND taxonomy contains an update necessary for compatibility with the 2024Q3 version of the Open-End Fund (OEF) taxonomy so that filers can use both taxonomies in one filing. The FND taxonomy provides the elements for tagging disclosures related to the Commission's adopted rule for enhanced prospectus disclosure requirements for terminology used in fund names. See Standard Taxonomies for a complete listing of supported standard taxonomies.

FASB opens April 8 webinar registration featuring updates on taxonomy improvements and data quality, in addition to a panel discussion on artificial intelligence and XBRL. The 90-minute webinar, 2025 GAAP and SEC Reporting Taxonomy Improvements and SEC Update, includes a conversation about the intersection of artificial intelligence and structured data among Joe Atkinson, Global Chief AI Officer for the PwC Network of Firms at PwC, and Daniel Vial, Data Scientist, U.S. Securities and Exchange Commission (SEC) Office of Data Science, moderated by John Turner, CEO XBRL International. It will also cover an update from the SEC on the data quality of filings, and an overview of the 2025 Taxonomy release including improvements to the taxonomy and plans for the 2025 DQC Rules Taxonomy and 2025 Meta Model Taxonomy. See more details and register.

EC announces amendments to the Corporate Sustainability Reporting Directive (CSRD), aimed at simplifying requirements and reducing the burden on small and medium sized enterprises. The European Commission's (EC) newly published Omnibus proposal retains digital (XBRL) reporting requirements while reducing the scope of covered entities to those with over 1,000 employees and turnover (revenue) over 50 million euros, or assets over 25 million euros. The proposal also calls for a delay in compliance timing by two years, a reduction in the amount of data that must be reported, and a change to assurance requirements.

Acting SEC Chair delays Commission defense of SEC rule on climate disclosure. Mark Uyeda, Acting Chair of the Securities and Exchange Commission (SEC), published a statement regarding the litigation surrounding the SEC rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The Statement raises the concerns expressed about the rule in his own and in SEC Commissioner Pierce's previous statements about the rule, noting, "These views, the recent change in the composition of the Commission, and the recent Presidential Memorandum regarding a Regulatory Freeze, bear on the conduct of this litigation. I believe that the Court and the parties should be notified of these changes. Therefore, I have directed the Commission staff to notify the Court of the changed circumstances and request that the Court not schedule the case for argument to provide time for the Commission to deliberate and determine the appropriate next steps in these cases. The Commission will promptly notify the Court of its determination about its positions in the litigation."

SEC Commissioner Crenshaw subsequently published a dissenting statement in which she noted, "I agree wholeheartedly with the acting Chairman that agencies and those who lead them must act within the boundaries of constitutional and statutory authority. Nonetheless, I dispute with equal vigor the notion that the agency acted outside of its remit. It did not. The only things that have changed since the Rule was passed have been matters of politics and not substance. As such, I disagree with the position unilaterally taken today by the acting Chairman."

XBRL US Events

Webinar: Countdown to EDGAR Next Enrollment, March 5, 1 PM ET
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/

Global Climate Reporting: Corporate Roundtable, March 20, 2025, San Francisco, California, Noon PT to 3:45 PM, followed by networking reception.
This event is free to attend but registration is required: https://xbrl.us/events/global-climate-reporting/

GovFin 2025: Designing a Digital Future, July 30-31, 2025 in Denver, Colorado.
Early registration is now open. Learn more and register: https://govfin.xbrl.us

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, March 18, at 2 PM ET. https://xbrl.us/events/dsc-250318 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, March 18, at 3 PM ET. https://xbrl.us/events/csc-250318 - all XBRL US Members are invited to attend

The XBRL US Regulatory Modernization Working Group will meet Tuesday, March 11, at 3 PM ET. (membership@xbrl.us for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, March 25, at 12:30 PM ET. (membership@xbrl.us for details)

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, March 19, at 4 PM ET. (membership@xbrl.us for details)

The XBRL US Academic Subcommittee will meet Monday, March 17, at 1 PM ET. (membership@xbrl.us for details)

XBRL US Articles, White Papers, and Blogs

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.

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.