Regulatory & Legislative News
XBRL US News
Regulatory & Legislative News
SEC Proposes Rule to Require Inline XBRL for Public Companies
During an SEC open meeting on March 1, the Commission unanimously voted to approve a rule proposal that would require the use of inline XBRL for public company filing, subject to a phased approach. The proposal will be out for a 60-day comment period.
Read opening remarks: https://www.sec.gov/news/statement/opening-statement-on-inline-xbrl-filing-of-tagged-data.html
SEC Publishes Notice of Availability of the IFRS Taxonomy
During the March 1 SEC open meeting, the Commission announced that the IFRS Taxonomy has been approved and posted to the SEC web site. The Commission further clarified that companies that file in IFRS can now immediately use the approved taxonomy. They also noted that these companies will be required to do so with their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017.
Read the rule: https://www.sec.gov/rules/other/2017/33-10320.pdf
XBRL US News
XBRL US Commends SEC Vote to Propose Requiring Inline XBRL for Public Companies
XBRL US expressed their support for the SEC announcements on Inline XBRL and the IFRS Taxonomy. Campbell Pryde, CEO of XBRL US, noted: “Switching to a single Inline XBRL document will reduce the burden on companies that today file two separate documents each quarter. These new arrangements will produce a single file that provides greater value to the investment community than traditional HTML files, as standardized data can be automatically consumed, saving time and improving efficiency.”
Read the release: https://xbrl.us/news/news20170302/
Free webinar: Standards to Automate Processing for Contractors, Agents & Sureties, March 29, 3 PM ET
Attend this one-hour webinar to see a demo featuring The Hartford consuming XBRL-formatted financial reports automatically into their internal financial systems. You’ll also watch a demonstration of how contractors can create XBRL-formatted financials easily and efficiently. Sureties no longer need to manually rekey data. Contractors have faster, more efficient access to credit. Agents can more easily facilitate the process.
Point of View: What Can the Solar Industry Learn from the Grocery Business?
Jon Previtali, VP, Environmental Finance Group, Wells Fargo and Michelle Savage, VP, XBRL US, compare the heavily paper-driven solar financing process to the grocery business before UPC codes were used to standardize and automate data collection. Just like a grocery store chain, a solar portfolio generates an enormous amount of data. Standards can automate a manual process in the solar industry, eliminate huge volumes of paper, and reduce the cost of data collection.
Read the post: https://xbrl.us/solar-industry-grocery-business/
Recent Point of View topics
Dept of Energy’s Orange Button Standards Development Gains Traction
The program to build solar financing data standards to reduce soft costs in solar installations enters the second program year with significant progress made on taxonomy development and industry outreach. The Finance Working Group, managed by XBRL US, will hold its next monthly conference call on March 6 at 10:30 PT and all are encouraged to participate. To sign up to participate, email email@example.com.
Webinar Replay: Creating Quality Financials for Institutional Investor Use
Thomson Reuters shares their experiences on how institutions, both buy-side and sell-side, use corporate financial statement data and how the advent of structured (XBRL) data has changed the data collection and analytical process. Hear how investor clients use XBRL data and how they handle data quality issues they find.
Watch the replay: https://xbrl.us/events/20170223/
XBRL US Speaks at Solar and Surety Events
Upcoming speaking engagements:
Upcoming XBRL US Data Quality Committee Meeting
The next Data Quality Committee (DQC) meeting will be held on April 19.
To register: https://xbrl.us/events/dqc-20170419/
Upcoming XBRL US Steering Committee Meetings
XBRL US Members are invited to attend and get involved. Email firstname.lastname@example.org for details.
About Data Quality
SEC filers should all use freely available, Data Quality Committee rules to identify and resolve errors in XBRL-formatted financials for more consistent, better quality data.