March has been a difficult month, as we all adapt to a new environment, way of living and doing business. Filers and XBRL providers may face challenges and the SEC has instituted several temporary relief measures to help filers during the COVID-19 crisis. Many of our members are small businesses which face unique struggles. We’ve created a resource page with links to help identify financial relief measures and programs.
Despite the many hurdles, regulators and industry continue to make progress. The SEC adopted data standards for variable annuities, proposed amendments to Regulation NMS and filer definitions, and updated the EDGAR system. The FERC proposed XBRL requirements for an additional form, and conducted three intensive days of technical training on the new FERC Taxonomy. XBRL US published a new state and local government reporting taxonomy, featuring more statements, schedules and footnotes. And we’re holding two webinars in April, which we encourage members to attend.
XBRL US blog addresses need for data during times of crisis. Shannon Sohl, CPA, PhD, Senior Research Specialist, Northern Illinois University Center for Governmental Studies contributed the article “We can be better prepared – let’s get ready now” which addresses the need for better information during times of crises. Shannon is a member of the XBRL US Standard Government Reporting working group.
SEC shares relief measures addressing COVID-19. The Commission adopted a temporary rule in response to the COVID-19 public health crisis, to allow applicants for EDGAR, access to upload a signed copy of Form ID (completed online) without the notarization, containing a statement that applicants were unable to obtain notarization due to difficulties related to COVID-19.
In addition, the SEC adopted temporary rules that extend filing deadlines for reports filed in compliance with Regulation A and Regulation Crowdfunding, which provide affected companies an additional 45 days to file certain disclosure reports.
And finally, the SEC adopted temporary relief measures for the submission of Form MA-A by Municipal Advisors.
SEC adopts Inline XBRL for variable annuity and variable life insurance. The Commission announced the adoption of new rule 498A to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. Rule 498A adopts amendments to registration Forms N-3, N-4, and N-6, to improve the content, format, and presentation of information to investors. In addition, the Commission adopted amendments to require the use of Inline XBRL for the submission of certain required disclosures in the variable contract statutory prospectus, and published a draft VIP Taxonomy for public review. Read the final rule.
SEC amends Regulation NMS, proposes new Form CC. The Securities and Exchange Commission proposal would expand the content of NMS information that is required to be collected, consolidated, and disseminated as well as the method by which such NMS information is collected, calculated, and disseminated, by introducing a decentralized consolidation model where competing consolidators replace the exclusive securities information processors (SIP). The proposal includes new form CC for registration and the SEC presents alternatives for Form CC, including the possibility of preparing it in Inline XBRL.
XBRL US supports the SEC proposal on XBRL for disclosure of payments by resource extraction issuers. If passed, the proposal would require the use of XBRL for the preparation of such disclosures and is designed to provide more information to global commodity markets, and to hold governments accountable for the management of oil, gas, and mineral resources. XBRL US commented in support of the rule proposal.
SEC announces EDGAR update to 2020 taxonomies. The Securities and Exchange Commission announced that the EDGAR System has been upgraded to 2020 releases for the US GAAP Taxonomy, SEC Reporting Taxonomy, COUNTRY Taxonomy, CURRENCY Taxonomy, EXCH Taxonomy, and SIC Taxonomy.
FERC proposes XBRL for Form 730. The Federal Energy Regulatory Commission (FERC) published a rule proposal that Form 730 which contains tables for Actual and Projected Electric Transmission Capital Spending and Project Detail, be prepared in XBRL format. The proposal is out for a 90 day comment period.
XBRL US publishes new CAFR taxonomy with more statements, footnotes and schedules. The new release expands on the previous version which contained the Statement of Net Position; Statement of Activities; Governmental Fund Balance Sheet; and Governmental Fund Statement of Revenues, Expenditures and Changes in Fund Balances. Version 0.3 now also includes Proprietary Funds statements for Net Position; Statement of Revenues, Expenses and Changes in Net Position; and Statement of Cash Flows. The new release also contains footnotes for Pension and OPEB; as well as the Schedule of Expenditures of Federal Awards, and the Schedule of Questioned Cost, both of which are used in the Single Audit Report. The taxonomy is out for a 60 day public review.
In addition, XBRL US submitted a comment letter to the SEC related to their municipal conference “Spotlight on Transparency”.
XBRL US Member Data Coalition hosting RegTech Data Virtual Conference in April. XBRL US is a member of the Data Coalition, which is holding a virtual event series from Monday, April 20, to Friday, April 24. Tune in with XBRL US, and fellow leaders from the financial industry, regulatory agencies, and academia as they discuss key considerations for adopting new technological solutions in the financial services sector. Members of XBRL US can take advantage of special discounts – contact firstname.lastname@example.org for more information. Learn more about RegTech and register: https://www.datacoalition.org/event/
XBRL US Activities
- FASB Requirements for Extensible Enumerations in 2021 US GAAP Taxonomy, April 13 at 3 PM ET. Register: https://xbrl.us/events/200413
- Data Analytics to Set Policy, Evaluate Investments & More, April 22 at Noon ET. Register: https://xbrl.us/events/200422
Upcoming XBRL US Data Quality Committee Meeting – Wednesday, April 1 at 9AM EDT.
Get information about the Committee and register to attend: https://xbrl.us/dqc
Upcoming XBRL US Steering Committee and Other Member Meetings
- The Domain Steering Committee meeting will be held Thursday, April 2 at 3 PM ET.
- The Communications Steering Committee will be held Tuesday, April 21 at Noon EDT.
XBRL US Members are encouraged to attend and get involved. Email email@example.com for details.
Not yet an XBRL US member? Maybe it’s time to consider joining XBRL US for yourself ($55 – $500/ year) or your organization (fees vary). Find out more about the benefits of membership and how to become involved by visiting https://xbrl.us/benefits.
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