With our first newsletter of the year, we’d like to take the opportunity to highlight some of the key activities that have served to increase XBRL adoption and use in the US, and address how we’ll expand on those initiatives in the year ahead.
Data quality was the most critical focus in 2015 with the launch of the XBRL US Center for Data Quality. This program is driven by the considerable contributions both in funds and effort by our members and will continue to be one of our primary areas of emphasis in 2016. The work of the Data Quality Committee has already raised the profile of XBRL among regulators and data consumers. With the launch of the first set of rules in November this year, the Committee has begun to provide SEC filers the guidance they need to create better quality, more consistent data. The SEC implementation of XBRL is the most important program for our standard in the US. The work of our members leading the efforts of the Data Quality Committee is critical to its success.
We also directed our focus towards data consumers, with the Investor Forum held in New York last Fall and the introduction of tools and APIs to help investors, analysts and other data users get a quick tutorial on how to use the financial data available. Improving data quality and encouraging usage have been key components of our strategy and we are starting to see the results of these efforts.
XBRL US also focused on advocacy and regulatory outreach last year as we worked to educate members of Congress and regulators about the value of standards and to head off proposed legislation that would have rolled back the use of XBRL by SEC filers. XBRL US took a role in promoting the use of standards in other SEC regulatory requirements as well, including the Disclosure Effectiveness initiative and the modernization of investment company disclosures.
Ensuring success of the SEC program is critical not only to the success of the standard and our members business, but it is also the key to expanding the XBRL footprint. In 2015, we continued our work on corporate actions driven by the XBRL International Corporate Actions Working Group. We introduced a webinar series for government agencies, in support of the DATA Act. We launched a new program that focuses on financial processing in surety underwriting and are poised to start a taxonomy development program in the solar data industry. These programs expand opportunities for many of our members into new industries where existing offerings can be adapted to serve new markets.
In 2016, we will rely even more on our members to lead the efforts of the organization as we continue to focus on establishing data quality and consistency standards for SEC filings, eliminating barriers to XBRL data use and expanding the use of XBRL across the US economy. We look forward to working together in 2016 to support the standard and expand opportunities for our members.
Regulatory & Legislative News
XBRL US News
XBRL International News
Regulatory & Legislative News
FASB Announces Availability of 2016 US GAAP Taxonomy, Pending SEC Acceptance
The Financial Accounting Standards Board (FASB) today announced the availability of the 2016 GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.
View the Taxonomy: https://xbrl.us/xbrl-taxonomy/2016-us-gaap/
XBRL US News
XBRL US Launches Pilot to Improve Surety Bond Processing through Data Standards
XBRL US and three organizations in the surety industry, GALLINA LLP, Liberty Mutual and the National Association of Surety Bond Producers (NASBP) introduced a pilot program to evaluate how structured data can streamline surety underwriting data processing to reduce costs and increase timeliness and consistency. A working group to develop a prototype Work in Process Taxonomy includes representatives from the sponsoring organizations plus the Surety & Fidelity Association of America (SFAA) and the Financial Accounting Standards Board (FASB). The Taxonomy will be used to identify performance data about individual projects that are included in the Work in Process report which contractors submit to sureties or to a bonding agent. The three organizations sponsoring the pilot have also become members of XBRL US.
Read the release: https://xbrl.us/news/xbrl-us-surety-pilot/
Learn about these XBRL US Members
XBRL US Submits Response to SEC Proposal on Disclosure Effectiveness
The letter focused on the SEC’s Request for Comment on the rule proposal Effectiveness of Disclosures about Entities Other than Registrant. Recommendations made focus on reducing disclosure burden on public companies and improving the usefulness of data used by investors, analysts and other users of public company data including:
Read the XBRL US letter: https://xbrl.us/wp-content/uploads/2015/03/XBRL-US-Comment-Ltr-on-SEC-Rule-on-Disclosure-Effective-File-No-S7-20-15.pdf
XBRL US Research Shows Significant Duplication in Data Reported by Public Companies
Research on data reported in 10-Ks filed by 498 public companies (roughly representing the S&P 500) demonstrates a significant amount of duplication. 54% of facts reported had been reported already in previous filings. Company workload in the filing process could be reduced by only requiring companies to report facts that have not already been reported. The study goes on to show that duplicated facts are reported an average of 3.18 times since the XBRL filing program began.
Read the findings: https://xbrl.us/xusnews/case-studies-white-papers/fact-value-analysis/
Govt Agency Webinar Archive Now Available: Analysis with Structured Data, Held January 5
Government and data standards experts discussed how agencies can leverage structured data mandated by the DATA Act to map to internal systems and perform more timely, accurate analysis. Speakers included:
Watch the replay of this webinar: https://xbrl.us/events/govt-webinar-20160105/
Upcoming Data Quality Committee Meeting – Register to Attend, January 7 at 9AM ET
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 as an online observer: https://xbrl.us/events/center-for-data-quality-committee-meeting-6/
Free Webinar for SEC Filers: A Conversation with the SEC, January 27, 3PM ET
Mike Willis, Assistant Director, Office of Structured Disclosure, Division of Economics and Risk Analysis at the Securities and Exchange Commission will discuss the status of the current program for XBRL reporting by public companies and other initiatives in the works. Topics covered will include: is the SEC using XBRL data? How is XBRL data quality? What enhancements to the existing program are under consideration, including inline XBRL? And how does structured data factor into upcoming SEC rule proposals like executive compensation and investment company disclosures? The conversation will be led by XBRL US Member Gordon Ruckdeschel, VP, Operations at Vintage, a division of PR Newswire.
Register to attend the webinar:
XBRL International News
Upcoming XBRL International Events
About XBRL US Membership
Our 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.
Find out more about the benefits of membership and how to become involved by visiting http://xbrl.us/membership.
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