August 2016 Newsletter

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3, 2016, which proposes amendments to disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded.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:

“… the relocation of existing disclosures from outside the financial statements to within the financial statements (which) may also subject the disclosures to XBRL tagging requirements”.

Read the proposal: https://www.sec.gov/rules/proposed/2016/33-10110.pdf

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

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/
Register to attend: http://zicklin.baruch.cuny.edu/centers/zcci/zcci-events/xbrl-investor-forum
Get details on XBRL US Member meetings: https://xbrl.us/events/membermeeting-20161024/

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 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 info@xbrl.us for more information.

Read the release: https://xbrl.us/news/20160720/

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.
Register for the upcoming webinar on August 17 at https://xbrl.us/events/inline-160817/.

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).

• The Domain Steering Committee meeting will be Thursday, September 1 at 4 PM EDT.
• The Communications Steering Committee meeting will be Friday, September 2 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. The program will explore the intersection of regulation, technology and business.

Learn more: https://dataamplified.org

• Disclosure Management Platform Overview, a 30 minute demonstration on use of the platform to be held September 1, 2016: https://xbrl.us/events/certent-20160901/
• Regional XBRL Training – Boston, a one-day program offering 4.5 CPE credits to be held September 14: https://xbrl.us/events/certent-20160914/
• Regional XBRL Training – Cincinnati, a one-day program offering 4.5 CPE credits to be held September 16: https://xbrl.us/events/20160916-certent/

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.