Newsletter for the Reporting Standard of Business and Government

January, 2025

XBRL US comments on the Canadian Securities Authorities (CSA) Notice and Request proposal to modernize the continuous disclosure regime for investment funds. The aim of the amendment is to make improvements that will benefit investors, investment fund managers, and other stakeholders.The XBRL US letter suggested that the CSA amend the proposal to include the adoption of open, nonproprietary data standards for fund disclosures. This approach will allow information to be more easily, and on a timelier and more reliable basis, extracted and leveraged, benefitting investors, and will align Canadian investment fund company reporting with disclosure trends in the United States and other countries.

The Securities and Exchange Commission (SEC) announced that Mark T. Uyeda has been named acting Chair of the SEC. It is expected that former SEC Commissioner Paul Atkins will be nominated to run the SEC on a permanent basis.

FASB seeks comment on GAAP Taxonomy Improvements. The Financial Accounting Standards Board (FASB) published a request for comment on proposed GAAP Taxonomy Improvements related to accounting changes and segment reporting after adoption of Accounting Standards Update 2023-07. The comment period for the proposed Guide on accounting changes ends on February 21, 2025. The comment period for the proposed Guide on segments ends on March 25, 2025.

The California Air Resources Board (CARB) extends the deadline for comments on regulations to satisfy Senate Bills 253 and 261, to March 21, 2025 in response to the California wildfires. The CARB solicitation seeks input on defining the applicability of the legislation to businesses, standards to be used, data reporting, and questions specific to each bill.

XBRL US comments on SEC Draft 2025 SPAC Taxonomy and Draft Taxonomy Guide. The materials provided by the SEC will be used by registrants to satisfy requirements of the final rule, Special Purpose Acquisition Companies, Shell Companies, and Projections. Comments submitted center on the taxonomy use of open hypercubes; issues related to dimensions, data types, and text block elements; a mismatch between taxonomy structure and industry practice; and requests for clarity in certain sections of the technical guidance.

SEC publishes draft XML NDSP Schema for FOCUS Report implementation. The Securities and Exchange Commission published the Draft XML Schema and supporting materials, including the schema, renderer, sample reports, and technical specification, that will be used to support the final rule for Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report. The Commission is accepting technical feedback regarding the schema and materials until 4 pm ET, February 10, 2025.

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

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, February 18, at 2 PM ET. https://xbrl.us/events/dsc-250218 - all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, February 18, at 3 PM ET. https://xbrl.us/events/csc-250218 - all XBRL US Members are invited to attend

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

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

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, February 5, at 4 PM ET. (membership@xbrl.us for details)

The XBRL US Academic Subcommittee will meet Wednesday, February 17, at 1 PM 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) 2025 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.

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.