Legislative and Regulatory News
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Legislative and Regulatory News
SEC Publishes Draft EDGAR Filer Manual
The SEC published the draft EDGAR Filer Manual which includes the following XBRL-related topics:
The final EFM is expected to be published in June 2019.
Read the release: https://www.sec.gov/info/edgar/specifications/edmanuals
SEC Proposes XBRL for Reporting by Business Development Companies & Closed End Funds
On April 9, 2019, the Securities and Exchange Commission posted to the Federal Register a proposal to require the use of structured data for:
statements on Form N-2 using Inline XBRL
Comments on the proposal are due 60 days from the date of publication in the Federal Register. The official publication date is April 10, 2019.
SEC Finalizes FAST Act Requires XBRL Tagging for Cover Page
On March 20, 2019, the Commission mandated the FAST Act Modernization and Simplification of Regulation S-K, which includes a requirement that all companies filing Forms 10-K, 10-Q, 8-K, 20-F and 40-F must tag the cover pages of these documents using Inline XBRL. The goal of the rule is to further enhance investors’ use of interactive data to identify, count, sort, compare, and analyze registrants and their disclosures. Compliance phases in over a three year period, matching the compliance dates of the Inline XBRL requirement for operating companies.
Read an FAQ about the new requirements: https://xbrl.us/qa-sec-fast-act/
Read the rule: https://www.sec.gov/rules/final/2019/33-10618.pdf
Small Business Administration Accepts XBRL Data for Surety Bond Guarantee Program
SBA’s Surety Guarantee Plan A program is now able to accept XBRL-formatted Work-in-Process (WIP) reports. The SBA guarantees surety bonds for certain surety companies, which allows the companies to offer surety bonds to small businesses that might not meet the criteria for other sureties.
“SBA has been helping small businesses innovate and grow for decades”, noted Peter Gibbs, Director, Office of Surety Guarantees, U.S. Small Business Administration, “This move to data standards will automate what has been a laborious process, and it will free up small contractors and their bond agents to focus on expanding their business.”
Read the release: https://xbrl.us/news/sba-accepts-xbrl/
FERC Proposal on Transmission Investment Activity References Use of XBRL
On March 28, 2019, the Federal Energy Regulatory Commission (FERC) published a proposal, “Inquiry Regarding the Commission’s Electric Transmission Incentives Policy” regarding Form 730, Report of Transmission Investment Activity. This report contains data about actual and projected electric transmission capital spending. One of the questions raised in the proposal is:
Should the Commission upgrade the FERC–730 filing format to XBRL or another format or standard? If so, what filing format would be most beneficial and useful to filers and users of the information? Initial comments are due June 25, 2019.
Read the proposal: https://www.govinfo.gov/content/pkg/FR-2019-03-28/pdf/2019-05895.pdf
Florida Publishes RFP for XBRL Taxonomy for Municipal Reporting
In March 2018, the state of Florida passed HB 1073, legislation requiring the use of XBRL for municipal financial reporting. On April 1, the Request for Proposal to build the XBRL Taxonomy supporting this initiative was issued.
California State Bill 598 Passes Two State Senate Committees
SB 598, a bill introduced in California by Senator John Moorlach, passed unanimously through both the Senate Government Organization Committee and the Governance and Finance Committee. The bill calls for the creation of the Open Financial Statement Commission, consisting of nine members. The bill would require the commission, by January 1, 2021, to report to the Legislature and make recommendations regarding how and whether to transition financial reporting by state and local agencies to a machine readable (Inline XBRL) format.
The bill is scheduled to go to Senate Appropriations by May 17, to the Senate Floor by May 31, then onto Committees and a Floor vote in the Assembly. All bills have to be approved by both Houses before September 13.
Read the legislation: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SB598
XBRL US News
XBRL US Data Quality Committee Publishes 9th Ruleset for Public Review
The 9th Ruleset is published for a 45-day public review and comment period ending June 15, 2019. In addition to updating existing rules, the latest ruleset contains a new category of checks that evaluates and identifies incorrect calculation relationships in the SEC filers company taxonomy. The rule works by looking at the calculation relationships defined in the filers extension taxonomy and compares that to the US GAAP taxonomies to identify contradictions.
Read the release: https://xbrl.us/news/dqc-ruleset9-public-review
Review and comment on the rules: https://xbrl.us/public-review
XBRL US State & Local WG Members Author AGA Article
Members of the XBRL US State & Local Government Disclosure Modernization Working Group authored the article “Building Momentum, Preparing for XBRL in Government” which appeared in the Spring 2019 edition of the Association of Government Accountants (AGA) Journal of Government Financial Management. Authors are Shannon N. Sohl, Ph.D., CPA, who is a senior research associate at Northern Illinois University’s Center for Governmental Studies; Jacqueline Reck, Ph.D., CPA, who is a professor in the Muma College of Business, University of South Florida; and Tammy R. Waymire, Ph.D., CPA, who is an associate professor of accounting in the Jones College of Business, Middle Tennessee State University.
XBRL US Surety Working Group Launches Public Review for Contractor Financial Taxonomy
The new taxonomy contains data standards to capture income statement and balance sheet information about contractors. The taxonomy was created by starting with an initial set of data standards contributed by Crowe LLP, a public accounting, consulting, and technology firm. The XBRL US Surety Working Group, which is comprised of surety carriers, bond agents, and software companies, then further refined the data fields and definitions, and expanded on the initial set of standards. The public review and comment period will end in 60 days.
Read the release: https://xbrl.us/news/public-review-contractor-financials/
Visit the public review: https://xbrl.us/xbrl-taxonomy/2019-contractor/
CFA Institute Posts Blog on XBRL and Audit
Mohini Singh, ACA, Director of Financial Reporting, at the CFA Institute commented that with the mandate to use Inline XBRL for corporate filings in the United States and in Europe, it is time to begin considering audit for the XBRL version of the filing. The blog points out that:
“Only the human-readable layer of information needs to be audited. Even if the machine-readable layer was required to be audited, no standards exist by which to do so. Investors, however, expect both layers of the filing to be audited. With both the United States and the European Union requiring Inline XBRL filings (and with Asian jurisdictions expected to follow suit), the time has come to at least start a discussion about the development of standards.”
Upcoming Webinars from XBRL US
Replays of Recent Events
Recent Point of View Topics
Upcoming Speaking Roles for XBRL US Staff
Register to Attend XBRL US Data Quality Committee Meeting, Wednesday, July 15 at Noon EDT
At this meeting, industry leaders will participate in discussions and plans for developing guidance and rules for use by public companies complying with the XBRL requirements of the US Securities and Exchange Commission.
Get information about the Committee and register to attend: https://xbrl.us/dqc
Upcoming XBRL US Steering Committee Meetings
About XBRL US and Membership
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. This organization recently joined XBRL US:
IFIC Surety Group is the largest privately owned surety company in the industry. Today, we operate out of 20 regional locations throughout the United States. Our major lines of business include: Contract, Commercial, Subdivision, Specialty, and Bail. Through close partnerships with our network of independent agents, our regional offices have the resources to make quick and informed underwriting decisions.
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.
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.