September 2016

Regulatory & Legislative News


XBRL International News

Regulatory & Legislative News
FASB, SEC, XBRL US & XII Host Webinars on Proposed Structural Taxonomy Changes

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:
Register for October 18:

House Financial Services Committee Passes Financial CHOICE Act

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:

XBRL US Submits Comment in Response to SEC Proposal on Disclosure Update and Simplification

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:
Read the letter:

XBRL US SEC Filer Workshop Scheduled November 2 in New York

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:

XBRL Investor Forum: Finding Value with Smart Data, 10/24 in NY – New Topics Added

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:

SEC to Address Inline XBRL in Webinar Series, Oct 5

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:

Upcoming XBRL US Steering Committee Meetings

  • 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 for details.

  • Learn more about the work of these committees:

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:

XBRL US Member Certent to Hold Free XBRL Training Programs in October

Learn more about Certent’s offerings and XBRL leadership at 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.

Welcome to our newest member – Intrinio

Find out more about the benefits of membership and how to become involved by visiting