April 2016

Regulatory & Legislative News


XBRL International News

Regulatory & Legislative News
SEC Releases Staff Observations on Use of Custom Axis Tags in XBRL Submissions

As part of its ongoing process to monitor registrant compliance with the requirements to report their financial information in their eXtensible Business Reporting Language (XBRL) exhibits, staff in the SEC Division of Economic and Risk Analysis recently assessed the use of custom axis tags in XBRL exhibits that reporting companies submitted with their annual reports on Form 10-K.

Read staff observations: https://www.sec.gov/structureddata/reportspubs/osd_assessment_custom-axis-tags.html

FASB Publishes Video on Importance of GAAP Taxonomy

On April 27, the FASB published a new video on the US GAAP Taxonomy: Why It’s Important. Members of the FASB XBRL Team provide context around key aspects of the GAAP Taxonomy.

Watch the video: https://www.youtube.com/watch?v=4WitwUAsK3s

FinTech Forum Announced: Crowdfunding & Data Standards to be Held June 28 in New York City

A free half-day forum for financial technologists, investors, analysts, regulators, investor relations professionals and data providers, Crowdfunding & Data Standards is designed to provide an introduction to crowdfunding, the practice of funding a company or initiative by raising monetary contributions from a large number of people, through Internet-based funding portals. Speakers include BankRoll, Computershare, Crowdnetic, FINRA, FundAmerica, Markit and the SEC.

Learn more and register: https://xbrl.us/news/crowdfunding-20160425/

XBRL US Comments on SEC Concept Release on Transfer Agent Regulation

On April 14, 2016, XBRL US submitted a comment letter to the SEC responding to their Concept Release on Transfer Agent Regulations which proposes expanding financial disclosures made by transfer agents and requests input on the use of standards in corporate actions processing. Key recommendations include:

  • Requiring the use of inline XBRL for additional financial disclosures made by transfer agents
  • Adopting the XBRL standard for corporate actions processing to improve timeliness, accuracy and to reduce interpretation risks and costs

Comment letter:

Five Companies Receive XBRL US Center for Data Quality Certification

Certification proves that the five applications have successfully incorporated the initial set of validation rules developed by its Data Quality Committee (DQC) in their software applications for preparing filings submitted to the Securities and Exchange Commission (SEC) . XBRL US has tested these software applications to confirm that the applications incorporate the current, complete set of DQC validation rules and produce the expected results. XBRL US will update the certifications for each new set of rules produced by the DQC.

Read the release about the certification: https://xbrl.us/news/160412/
See the list of certified tools: https://xbrl.us/certification/

Selected Presentations Available from FinTech Forum: Blockchain, Smart Contracts & Data Standards Now Available

Over 175 people attended an education forum on emerging financial technologies that are changing the structure of the capital markets on April 4 in New York, with speakers from CFA Institute, Consensys, ItBit, Markit, Nasdaq and Safeguard Scientifics.

Selected presentations are available at: https://xbrl.us/events/blockchain-20160404/

FinTech Webinar Series Announced on Blockchain, Smart Contracts & Data Standards

As a follow-up to the successful in-person forum on Blockchain, XBRL US is hosting a series of free webinars that help educate and inform on these new technologies that are changing the structure of the financial markets. Learn more and register for the programs here:

Upcoming Data Quality Committee Meeting – Register to Attend, May 17 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/cdq-20160517/

Mike Schlanger of Merrill Corporation Named Vice Chair of XBRL US Board of Directors

Mike Schlanger, an XBRL industry leader and member of the XBRL US Board of Directors since 2009, has been elected to serve as Vice Chairman of the XBRL US Board. His appointment is effective immediately.

Read the release: https://www.merrillcorp.com/pressreleases/02-24-16-merrill-corp-mike-schlanger-elected-vice-chairman

Leaders from Novaworks Software and BDO Eelected as XBRL US Steering Committee Chairs

Member volunteers are the driving force helping to set the strategic direction of the organization. Chaired by Julie Valpey, Partner, National SEC Department at BDO, the Communications & Services Steering Committee is focused on:

  • Identifying new consumers of XBRL data
  • Establishing proof of XBRL benefits

Scott Theis, President and CEO of Novaworks Software has been selected as Chair of the Domain Steering Committee, which will focus on:

  • Metrics of properly structured taxonomy
  • Taxonomy approval process
  • Taxonomy Development Toolkit

The Committees meet monthly and are open to all XBRL US Members. Learn more about meeting times, member involvement and the workstreams at: https://xbrl.us/steering-committees

News from Members and XBRL International
Calcbench Newsletter Posted for April

Certent Schedules Disclosure Management Overview Sessions

Join Certent for a 30 minute demonstration on the Certent Disclosure Management platform. Certent staff will discuss how they can help you collaborate, communicate and connect – streamlining your financial reporting process.

Dates: June 16 at 1:30PM ET | September 1 at 2PM ET | December 8 at 2PM ET

Register for any/all from the link at: https://xbrl.us/events/certent-20160616/

XBRL International Conference to be Held in Singapore November 8-10

XBRL International announced plans to hold a 3-day conference emphasizing emerging technologies and data standards at the Shangri-La hotel in Singapore.

Learn more: https://www.xbrl.org/events/save-the-date-2016-xbrl-international-conference/

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.