Regulatory & Legislative News
XBRL US News
XBRL International News
Regulatory & Legislative News
SEC Publishes Rule Proposal on “Disclosure Update and Simplification” for Public Comment
As part of their disclosure review, the SEC published a proposal on “Disclosure Update and Simplification” for a public comment period which ends October 3, 2016, which proposes amendments to disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded. The SEC is also soliciting comment on disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board (“FASB”) for potential incorporation into U.S. GAAP. Among other changes made in the proposal, the Commission also proposes:
Read the proposal: https://www.sec.gov/rules/proposed/2016/33-10110.pdf
SEC Posts Sample Inline XBRL Document
The SEC posted a sample inline XBRL document in the viewer to give issuers and vendors the opportunity to test out the viewer in support of their recent ruling permitting public companies to file using the inline XBRL technical specification.
Review the sample: https://www.sec.gov/ix?doc=ixviewer/samples/bst/out/bst-20160930.htm.
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
XBRL US News
XBRL US Announces Half-Day Investor Forum: Finding Value with Smart Data, October 24, 2016 in New York
The free half-day investor forum, to be held in New York City on October 24, 2016 will feature keynote speaker SEC Investor Advocate Rick Fleming. The event is open to the public and takes place from 1:00 PM to 6:15 (including a networking reception). The Investor Forum will be preceded by XBRL US Steering Committee meetings and our Annual General Meeting for XBRL Members.
Read the release: https://xbrl.us/news/20160809/
Data Quality Committee (DQC) Public Review to Close August 31, 2016
The public review covers the DQC’s second set of rules and guidance which includes five new proposed rules, as well as proposed additions to the DQC’s previously issued rule to detect inappropriate negative values. This 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.
Review and comment on DQC Rules and Guidance: https://xbrl.us/data-quality/public-review/
XBRL US Joins SunSpec Alliance to Develop Solar Data Standards for Financing
XBRL US joins the Department of Energy’s Orange Button initiative to build data standards for the solar energy industry and is tasked with leading a working group to build out the financing portion of a solar energy taxonomy, leveraging elements from the U.S. GAAP Taxonomy and from existing data standards in the solar industry. The DOE awarded the project to four teams including one headed by the SunSpec Alliance, an industry group of solar and storage distributed energy organizations developing standards, which is leading the taxonomy development portion of the project. Organizations with the appropriate expertise are invited to consider participation in the project and should email firstname.lastname@example.org for more information.
Read the release: https://xbrl.us/news/20160720/
SEC to Address Inline XBRL in Webinar Series
XBRL US continues to host webinars for issuers and vendors to address business and technical issues related to the implementation of inline XBRL. The next program will be held August 17 featuring SEC staff to answer business and technical questions.
Watch the issuer webinar replay (June 22): https://xbrl.us/events/inline-160622/.
Watch replays from previous vendor webinars (June 23 and July 13) and review FAQ about inline XBRL: https://xbrl.us/faq-inline (XBRL US Members only).
Upcoming XBRL US Steering Committee Meetings
Upcoming Data Quality Committee Meeting – Register to Attend, September 29 at 10AM 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. All are invited to attend this upcoming meeting as online observers.
Register as an online observer: https://xbrl.us/events/dqc-20160929/
News from Members and XBRL International
XBRL International Conference Data Amplified 2016, to be held November 8-10, Singapore
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. The program will explore the intersection of regulation, technology and business.
Learn more: https://dataamplified.org
XBRL US Member Certent to Hold Free XBRL Training Programs in September
Learn more about Certent’s offerings and XBRL leadership at https://xbrl.us/home/category/member/certent/. Certent has been an XBRL US Member since April, 2004.
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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