September 2016 Newsletter

Proposed changes that will be discussed include typed dimensions, extensible enumerations, taxonomy template (referenceable US GAAP Taxonomy linkbases), change notes (replacing “change labels”) and Taxonomy Package Specification. These changes may be reflected in the 2017 release of the US GAAP Taxonomy and could have an impact on database and software offerings. XBRL tool and service providers, as well as data aggregators, are encouraged to attend.

Register for October 6: https://xbrl.us/events/fasb-161006/
Register for October 18: https://xbrl.us/events/fasb-161018/

The Committee passed the Financial CHOICE Act (HR 5983), which includes an XBRL exemption for small filers (see Title X). The exemption is unlikely to move ahead this year and will need to be reintroduced next year.

Read the Data Coalition write-up for more insights: http://www.datacoalition.org/house-financial-services-committee-approves-anti-open-data-proposal-again/.

Recommendations include:

• Ensure that all facts that companies are required to report to investors be provided in a computer-readable format to facilitate greater ease of analysis,
• Require the use of standardized identifiers to give investors a consistent method to identify traded securities as well as legal entities,
• Support, acknowledge and adopt the work of the industry-led XBRL US Data Quality Committee, which provides freely available rules and guidance for issuers to improve the quality of financial data,
• Require the use of standard data identifiers for facts reported by all entities in disclosures to the Commission, and,
• Lead an effort to standardize the way public companies are required to report to multiple government agencies.

Read the proposal: https://www.federalregister.gov/articles/2016/08/04/2016-16964/disclosure-update-and-simplification
Read the letter: https://xbrl.us/news/xbrl-us-submits-comment-in-response-to-sec-proposal-disclosure-update-and-simplification/

XBRL US is holding a one-day workshop for SEC filers and accountants featuring instructors from the U.S. Securities and Exchange Commission, the FASB, accounting firms and members of the XBRL US Data Quality Committee. The program will cover how to improve the quality of XBRL financials, and new SEC rule proposals that could change the way public companies prepare and submit financials.

Learn more and register: https://xbrl.us/events/workshop-2016/

Additional topics have been added to the free half-day investor forum, covering blockchain and smart contracts. The forum features keynote SEC Investor Advocate Rick Fleming and other sessions on data quality and using structured data. The event takes place from 1:00 PM to 6:15 (including a networking reception) and is preceded by XBRL US Steering Committee meetings and Annual General Meeting.

Register to attend: http://zicklin.baruch.cuny.edu/centers/zcci/zcci-events/xbrl-investor-forum

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 October 5 at 3PM ET featuring Walter Hamscher and Mike Willis from the Securities and Exchange Commission.

Register to attend: https://xbrl.us/events/inline-161005/

• The Domain Steering Committee meeting will be Monday, October 24 at 10 AM EDT in-person in New York.
• The Communications Steering Committee meeting will be Wednesday, October 26 at 10 AM EDT via conference call.

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

• Learn more about the work of these committees: https://xbrl.us/steering-committees/

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

• 5 Steps to Improved Financial Reporting, October 4: https://xbrl.us/events/certent-161004/
• Disclosure Research Overview, October 13: https://xbrl.us/events/certent-20161013/

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.