September, 2024

ISSB, Federal Energy Regulatory Commission (FERC), and more new speakers confirmed for XBRL US Digital Reporting for Measurable Results, November 14 in Washington, DC. The one-day conference, hosted by KPMG at their 1801 K Street NW office, will focus on how digital data reporting is being embraced by regulators and investors for climate data mandates and the federal reporting requirements like the Financial Data Transparency Act (FDTA). Other speakers are confirmed from the SEC Office of the Chief Data Officer; FactSet; KPMG; XBRL International, and more. Learn more.

XBRL US hosted Roundtable Discussion: Digital Climate Reporting for Measurable Results. The 2 ½ hour program, held in conjunction with Climate Week NYC, on September 27, 2024, featured speakers from BNY Mellon, Capitals Coalition, Colgate-Palmolive, Stanford CodeX Climate Data Policy Initiative, XBRL US, and XBRL International. The presentation and discussion addressed the meaning and value of digital climate reporting, global and US mandates for climate reporting, and the impact on businesses. Learn more about the event, access the presentation, and listen to a segment of the discussion about the conversation on the impact of climate reporting on business.

SEC EDGAR Next rule finalized and published with supporting explanatory webinars, guidance and videos. The rule, EDGAR Filer Access and Account Management, explains the new requirements and provides details about their beta site which was launched on September 30, 2024, for filer testing and feedback reflecting the adopted rule and form amendments and the related technical changes.

The rule and form amendments will become effective March 24, 2025. The compliance date for amended Form ID is March 24, 2025, and the compliance date for all other rule and form amendments is September 15, 2025.

The SEC EDGAR Business Office (EBO) is holding a series of educational webinars covering the program and the new APIs, with the first program to be held on October 8, 2024. In addition, the SEC has posted a wealth of educational videos and technical guidance. Register for sessions and access guidance here.

XBRL US hosted a Members-Only webcast on the FDTA rule and plans for the XBRL US comment letter. The webcast included a review of the FDTA rule proposal and a presentation and discussion about our planned comments related to the rule. If you’re interested in listening to the replay posted at https://xbrl.us/events/241003/ send an email to membership@xbrl.us.

Draft 2025 SEC Taxonomies published for feedback. The Securities and Exchange Commission (SEC) announced the publication of the draft 2025 SEC taxonomies to obtain feedback on the technical design. Comments must be received by November 18, 2024. Refer to the Draft 2025 Release Notes for details of the changes in this draft 2025 update.

XBRL US Events

Digital Reporting for Measurable Results: Climate, Corporate, Government, November 14 in Washington, DC

Register now for this one-day conference addressing the Financial Data Transparency Act (FDTA) as well as US and global climate reporting requirements in digital format. This event is hosted by KPMG and will be held at their office at 1801 K Street NW. Learn more and register.

Webinar Replay: FERC – How Regulators Use Technology to Improve Efficiency

Hear Robert Hudson, Energy Industry Analyst at the Federal Energy Regulatory Commission (FERC) Office of Enforcement in a discussion about the FERC’s data standards implementation, challenges and benefits of the program.

Here’s a preview of FERC comments from the webinar on the project outcome:
“We delivered this project on time and on budget… This was a glowing success for FERC because it didn’t take more time and wasn’t much more expensive than what was considered in the original spend.”

And on why the FERC chose XBRL:
“We chose it [XBRL] over custom XML because there were a lot of efficiencies to gain in adopting XBRL and a lot of cost savings. We relied on our larger agency partners, the SEC and the FDIC who already had XBRL collections in place, and we learned from their experience and made some different choices for our system which I think paid off in the end.”

“We started with a custom XML solution because that’s what we had done in the past with all of our other collections…Honestly, the more I looked into XBRL, the more I talked to other experts and to the SEC, XBRL answered a lot of the questions already…about how to deal with time on a field. Tons of questions that we would have had to answer in a custom XML implementation were already answered with XBRL. It also provided the flexibility to allow us to add our own rules on top of it. So, it just pushed the project months forward by being able to adopt XBRL.”

Watch: https://xbrl.us/events/240911

XBRL US Meetings

Data Quality Committee approved version 25 of rules during its meeting on Wednesday, September 25, then met with the Securities and Exchange Commmission in the afternoon. Review the agenda and materials: https://xbrl.us/events/dqc-240925

The Domain Steering Committee will meet Tuesday, October 15, at 2 PM EDT. https://xbrl.us/events/dsc-241015 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, October 15, at 3 PM EDT. https://xbrl.us/events/csc-241015 – all XBRL US Members are invited to attend

The XBRL US Regulatory Modernization Working Group will meet Tuesday, October 8, at 3 PM EDT. (membership@xbrl.us for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, October 29, at 11 AM EDT. (membership@xbrl.us for details)

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

The XBRL US Academic Subcommittee will meet Tuesday, October 8, at 12 PM EDT. (membership@xbrl.us for details)

XBRL US Articles, White Papers, and Blogs

Blog Post: Muni Bond Markets Weigh in on FDTA at GovFin 2024
This year’s conference in July featured interactive breakout sessions with attendees from governments, professional services, standard setters, and software providers to brainstorm about how governments can be supported through the implementation of the FDTA for municipal reporting, entity identifiers, what muni issuance data should be prepared in structured format, and taxonomies. Read: https://xbrl.us/govfin2024-muni-market-attendee/

Blog Post: Identifying the Obligor for Municipal Securities
The complexities of the municipal bond market make it challenging for users of bond data to quickly find what they need when searching in the Municipal Securities Rulemaking Board (MSRB) Electronic Municipal Markets Access (EMMA) system. The Financial Data Transparency Act (FDTA) presents an important opportunity to enable easier, more concrete search capabilities at a granular level by leveraging entity identifiers and standardization of data. The XBRL data standard and the Legal Entity Identifier (LEI) can be used together to identify the issuer and obligor responsible for a specific security and associate an identifier for the security and the obligor to facts reported about the security to obligor relationship. Read: https://xbrl.us/identify-municipal-obligor/

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.

Comment

Upcoming XBRL US Events

Domain Steering Committee Meeting
Tuesday, October 15, 2024

Communications & Services Steering Committee Meeting
Tuesday, October 15, 2024

Start Planning: SEC Cybersecurity Disclosure Rules for Public Companies
Wednesday, November 6, 2024

XBRL US Annual General Meeting for Members
Wednesday, November 13, 2024

Digital Reporting for Measurable Results:
Climate, Corporate, Government
Thursday, November 14, 2024