November 2015 Newsletter

At the November 16 CFRI Conference hosted by FEI, SEC Commissioner Piwowar reiterated SEC support for a possible move to inline XBRL, stating “In-line XBRL has the potential to improve the accuracy of structured data, ease burdens on issuers, and facilitate easier review. Currently, the Commission’s EDGAR system is not capable of accepting filings with in-line XBRL. The Commission should move promptly to modify EDGAR to permit in-line XBRL and commence a voluntary pilot program to obtain more information about the costs and benefits of an in-line XBRL system.”

Read more: http://www.sec.gov/news/speech/piwowar-current-financial-reporting-issues-conference.html

The goal of the Financial Entity Identification and Information Integration (FEIII) Challenge is for information specialists to develop technologies that automatically align diverse financial entity identification schemes from four key regulatory datasets: FFIEC Call Reports, SEC EDGAR data, FHLB member lists, and LEI information from OFR.

Read more: http://financialresearch.gov/grants/feiii-challenge/

The XBRL US Data Quality Committee has approved and published the first set of validation rules to help public companies detect inconsistencies or errors in their XBRL-formatted financial data. The rules cover approximately 2,400 XBRL US GAAP Taxonomy concepts covering incorrect negative values, improper relationships between elements, and incorrect dates associated with certain data. The effective date for public company compliance with the rules is set at January 1, 2016.

Access the rules: https://xbrl.us/data-quality/rules-guidance


Read the release: https://xbrl.us/news/initial-set-of-xbrl-us-data-quality-rules-for-sec-filers-now-freely-available-for-use/

Register to attend the webinar: https://xbrl.us/events/dataquality-webinar-20151202/

XBRL US has posted a tool that runs the Data Quality rules so that public companies can test the quality of their own XBRL filing prior to submitting to the SEC. This tool is freely available to public companies and to XBRL US members.

Access the tool: https://xbrl.us/data-quality/check-filing/

Attend this webinar to learn about some of the most common errors in XBRL submissions: inappropriate use of context dates and conflicting relationships between elements. Find out about the Data Quality rules just released that public companies can use to identify and correct these problems in their filings. Learn how errors like these impact the kind of analysis that the SEC and your own shareholders perform. CPE credit is available for a $39 charge ($29 for members and subscribers).

Register to attend the webinar: https://xbrl.us/events/webinar-20151216/

XBRL US has recently added the ability to extract the parent and children of concepts in APIs available in the Data Analysis Toolkit.

Access the Toolkit: https://xbrl.us/home/use/data-analysis-toolkit/

Altova, a software developer and member of XBRL US, has joined the XBRL US Center for Data Quality, which was formed to to address concerns about, and to improve the utility of, XBRL financial data filed with the U.S. Securities and Exchange Commission (SEC).

Learn more about the Center: https://xbrl.us/data-quality/center/

Regulators from the SEC and the Office of Financial Research (within U.S. Treasury) as well as investment analysts from Bloomberg, the CFA Institute, Credit Suisse and S&P/Capital IQ spoke at this free 1/2 day forum hosted by Baruch College’s Zicklin School of Business on how they use structured (XBRL) data for improved analysis. Experts provided step-by-step instruction on how to build databases and conduct analysis using toolkits that leverage XBRL financial data. Video available courtesy of Vintage, a division of PR Newswire.

Watch the videos: http://e.prnewswire.com/XBRL-full-video-1.html

XBRL US Data Quality Committee minutes have been posted from the most recent meeting held with the Securities and Exchange Commission on September 28.

Read the minutes: https://xbrl.us/wp-content/uploads/2015/10/DQC-20150928.pdf

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. All are invited to attend this upcoming meeting as online observers.

Register: https://xbrl.us/events/center-for-data-quality-committee-meeting-6/

Attend this 30 minute demonstration of the Certent Disclosure Management platform on how to collaborate, communicate and connect – streamlining your financial reporting process.

Register: https://xbrl.us/events/certent-disclosure-management-overview3/

Building a comprehensive equity statement is a crucial piece to submitting high quality interactive data filings to the SEC. Join the team at Certent as they discuss the building blocks to developing a solid equity statement.
Register:

Register: https://xbrl.us/events/certent-20151217/