June/July 2016 Newsletter

In response to the SEC’s Concept Release on disclosures in Reg S-K, the committee submitted a comment letter which favorably references data standards throughout, noting: “We believe that all information filed with the Commission should be provided in a machine readable interactive format…”

Read the letter: https://www.sec.gov/spotlight/investor-advisory-committee-2012/iac-approved-letter-reg-sk-comment-letter-062016.pdf

On June 13, the SEC announced that they will now permit voluntary filing using inline XBRL, stating that the Commission would “permit, but not require, operating companies to use Inline XBRL in their periodic and current reports under the Exchange Act through March 2020.” The release goes on to state that “the format could decrease filing preparation costs, improve the quality of structured data, and, by improving data quality, increase the use of XBRL data by investors and other market participants.”

Read the announcement: https://www.sec.gov/news/pressrelease/2016-117.html

Read the order: https://www.sec.gov/rules/exorders/2016/34-78041.pdf

Lennar Corporation was the first company to submit their financial filing using Inline XBRL as part of the new SEC voluntary program.

Explore the inline filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/920760/000162828016017488/len-20160531_95xixbrl.htm

The public review, which ends August 31, 2016, contains guidance and five new proposed rules, as well as proposed additions to the DQC’s previously issued rule to detect inappropriate negative values. The proposed guidance and rules will help filers identify errors in the XBRL data due to inappropriate combinations of concepts, concepts that are no longer supported by the US GAAP Taxonomy and inappropriate positive or negative values.

Participate in the public review: https://xbrl.us/data-quality/public-review/

Read the release: https://xbrl.us/news/20160630/

The XBRL US Data Quality Committee announced results of an analysis which shows that by using its first set of validation rules, filers reduced the number of errors in their filings for the data covered by those rules. The analysis shows that errors for all filers were reduced by 64% in the first quarter of 2016 as compared to the first quarter of 2015, with accelerated filer error count declining by 70%; smaller reporting company error count declining by 60%.

Read the release: https://xbrl.us/news/dqc-20160531/

See quarterly graphs by issuer size: https://xbrl.us/data-quality/dqc-results/

On June 22 and 23, XBRL US hosted webinars for issuers and vendors to address business and technical issues related to the implementation of inline XBRL. A second session has been scheduled in July for vendors to respond to ongoing technical questions.

• Issuer Webinar (June 22) replay: https://xbrl.us/events/inline-160622/
• Upcoming Vendor Webinar (July 13): register for this open Q&A with SEC and XBRL staff at https://xbrl.us/events/inline-160713/
• The replay from the June 23 vendor webinar is available for XBRL US members; email membership@xbrl.us for details.

Speakers from Bankroll LLC, CFA Institute, Crowdfund Capital Advisors (CCA), Computershare, FINRA, FundAmerica, KPMG, Markit and XBRL US shared insights into how crowdfunding is changing the funding landscape for small business and how data standards play a key role in improving funding efficiencies.

Session replays and slides from the program are now available: https://xbrl.us/events/crowdfunding-20160628/

28msec, which provides software solutions to help organizations meet risk reporting, data governance and regulatory compliance mandates, recently joined the XBRL US Surety WIP working group to lend its expertise to the development of standards to be used to collect data in the surety underwriting process.

Read more: https://xbrl.us/home/category/member/28msec/

Learn about XBRL US Membership options for you and/or your organization: https://xbrl.us/membership

• The Domain Steering Committee meeting will be held July 7 at 4 PM EDT.
• The Communications Steering Committee meeting will be held August 5 at 12:30 PM EDT.

XBRL US Members are invited to attend and get involved.
Email membership@xbrl.us for details.

• Learn more about current efforts of these committees: https://xbrl.us/steering-committees/

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/dqc-20160929/

XII will host Data Amplified 2016, a conference for regulators, financial professionals, accountants and others to learn about new technologies and processes that are profoundly impacting how business information is reported and used.

Learn more: https://dataamplified.org