March, 2024

The SEC published the final rule on climate-related disclosures for investors. The new rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors requires electronic (XBRL) tagging of climate-related disclosures including narrative disclosures of material risks, mitigation, oversight, and targets, for all companies. Reporting of scopes 1 and 2 greenhouse gas (GHG) emissions is required for large accelerated and accelerated filers only. The program will be phased in based on company size. Large accelerated filers comply first, with electronic tagging of climate-related disclosures starting with registrants FY 2026 submissions.

The rule includes language indicating that the SEC disclosure requirements will be aligned with TCFD standards, stating, “Modeling the climate-related disclosure requirements on the TCFD framework … will help mitigate the compliance burden of the final rules, particularly for registrants that are already providing climate-related disclosures based on the TCFD framework or soon will be doing so pursuant to other laws or regulations.”

The rule was passed by SEC Commissioners with three voting for, and two voting against the final rule. Prepared remarks by the Commissioners can be read here: Chair Gary Gensler; Commissioner Hester M. Peirce; Commissioner Mark Uyeda; Commissioner Caroline A. Crenshaw; Commissioner Jaime Lizarraga.

EFRAG seeks public input on European Sustainability Reporting Standards (ESRS) Taxonomy. The European Financial Reporting Advisory Group (EFRAG) published a public consultation on the draft XBRL Taxonomy for ESRS Set 1, with comments due by April 8, 2024.

SEC Guide published to cover technical aspects of XBRL as regards to EDGAR. The Securities and Exchange Commission (SEC) EDGAR XBRL Guide, includes information covering the Instance Document, Filing Fee Exhibits, Custom Taxonomies, Rendering and Validation.

XBRL US Articles, White Papers, and Blogs

Blog Post: Ten tips & techniques for using the XBRL API.
David Tauriello, Vice President of Operations, XBRL US provides ten great ideas on how to improve your own productivity when working with the XBRL API. If you’re interested in accessing lots of highly granular, timely financial fundamental data, be sure to read this blog.

Did you know?

White Paper: California – Digital First Climate Data. To meet the goals of climate initiatives worldwide requires governments to understand the impact of industry on the environment. This can only be accomplished by standardized, digital data that is concretely understood, timely, and consistently prepared to foster a shared understanding of the current state of climate risk and to monitor changes going forward. Read the paper and fact sheet to learn more about global and US initiatives and how digitization can help. paper and fact sheet.

XBRL US Events

Save the Date! GovFin 2024: Municipal Reporting Workshop, July 29-30, 2024, New York, NY.
Plan to attend this 1 ½ day workshop in midtown Manhattan which aims to address the implications of the Financial Data Transparency Act (FDTA) on the municipal securities marketplace. Get involved in the discussion with governments, municipal analysts and portfolio managers, data and analytics tool providers, and regulators on the challenges and opportunities, and how the program can be rolled out most effectively to all participants. Watch your email – the official announcement will be made very soon!

Webinar: SEC Rule – Tailored Shareholder Reports for Mutual Funds and ETFs, May 15, 2024 at 3 PM ET.
The Securities and Exchange Commission’s (SEC) final rule for Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements adopts amendments for annual and semi-annual shareholder reports from mutual funds and exchange-traded funds to highlight key information for shareholders. The rule also requires that funds tag their reports using Inline XBRL to provide machine-readable data that retail investors and other market participants may use to access and evaluate investments more efficiently.

Attend this webinar to learn about the structured data requirements of the rule, how fund workflow can be expected to change, and how to prepare a Tailored Shareholder Report in structured, machine-readable format. Hear speakers from the Securities and Exchange Commission, Division of Investment Management; Broadridge Financial Solutions, Inc.; Donnelley Financial Solutions (DFIN); Novaworks; NeXtBRL; and Toppan Merrill.

Learn more about the program and register:

Webinar Replay: FDTA: Entity and Security Identifiers
The Financial Data Transparency Act (FDTA) calls for the use of “…common identifiers for collections of information reported to covered agencies or collected on behalf of the Council, which shall include a common nonproprietary legal entity identifier that is available under an open license for all entities required to report to covered agencies..”

Watch this 60-minute session featuring speakers from CUSIP, FactSet Research Systems; the Global LEI Foundation; and Bloomberg LP, and learn about the challenges and benefits to be gained from leveraging a single open identifier across regulatory frameworks:

XBRL US Meetings

Data Quality Committee
The last Committee meeting was held March 14, followed by a meeting with the SEC; the next Committee meeting will be held Thursday, June 27. Get materials from the March meetings:

The Domain Steering Committee will meet Tuesday, April 16, at 2 PM ET. – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, April 16, at 3 PM ET. – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, April 9, at 3 PM ET. ( for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, April 24, at 12:30 PM ET. ( for details)

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, April 10, at 4 PM ET. ( for details)

The next meeting of the Academic Subcommittee will meet on Monday, April 8, at 1 PM ET. ( for details)

XBRL US Members are encouraged to attend and get involved.

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


Upcoming XBRL US Events

Webinar: SEC Rule – Tailored Shareholder Reports for Mutual Funds and ETFs
Wednesday, May 15, 2024

Domain Steering Committee Meeting
Tuesday, May 21, 2024

Communications & Services Steering Committee Meeting
Tuesday, May 21, 2024

GovFin 2024: Municipal Reporting Workshop
Tuesday, July 30, 2024