January 2017

Regulatory & Legislative News


XBRL US Members

Regulatory & Legislative News
ESMA Announces Inline XBRL Requirement

The European Securities and Markets Authority (ESMA), the EU agency responsible for the rules that govern EU securities regulation and the conduct of EU public markets, announced yesterday that starting in 2020, public companies that prepare consolidated IFRS financial statements will provide them in Inline XBRL.

Read more from XBRL International: https://www.xbrl.org/news/esma-announces-inline-xbrl-requirement/
Read the ESMA release: https://www.esma.europa.eu/press-news/esma-news/esma-proposes-new-digital-format-issuers%E2%80%99-financial-reporting

Securities and Exchange Commission Publishes Updated EDGAR Filer Manual

The new EDGAR filer manual draft was published with an effective date of December 12, 2016.

Read more: https://www.sec.gov/info/edgar/edmanuals.htm

Securities and Exchange Commission Updates Inline XBRL Viewer

The SEC has updated its Inline XBRL viewer with these changes:

  • Text blocks using continuations are now displayed in their entirety.
  • Highlighting for facts has been changed from dashed lines into the following:
    • Text block facts are marked with lines in the left “gutter”, with nested facts resulting in nested gutters
    • All other facts are marked with lines on the top and bottom.

Read more on inline XBRL: https://www.sec.gov/structureddata/osd-inline-xbrl.html

Link to the SEC’s inline viewer https://www.sec.gov/ix?doc=ixviewer/samples/bst/out/bst-20160930.htm

Learn more about inline: https://xbrl.us/home/tag/inline-xbrl/

3rd Set of Approved Data Quality Committee Rules Published Covering Over 3,300 US GAAP Concepts

The XBRL US Data Quality Committee announced that it had published the third set of approved rules and guidance developed by the Data Quality Committee (DQC), which are now freely available for issuers to use to identify and correct errors in their filings.

Read the release: https://xbrl.us/news/dqc-20160126

Review the rules: https://xbrl.us/rules-guidance

XBRL US and Consensys Form Working Group to Develop Tokenization Standards for Blockchain

The goal of the working group is to establish a standardized method to represent a token, a digital representation of an asset, which could be debt, equity, cash or a physical asset, across all blockchain networks. Standards would be used to eliminate transactional friction and reduce processing costs; enable automation and provenance tracking; and allow interoperability of transactions on a global scale.

Read the release: https://xbrl.us/news/20161214/

XBRL US Submits Comment Letter to Dept of Labor on Standards in Pension Data

On December 5, 2016, XBRL US submitted a comment letter responding to the Department of Labor’s Employee Benefits Security Administration (EBSA) proposal to modernize Form 5500 Annual Return/Report filed by employee benefit plans. Global pension assets were estimated at $35.4 trillion at the end of 2015. The EBSA makes this data available to the public in CSV files today and the DOL proposal seeks to make this information more data mineable and accessible for research, policy analysis, and enforcement purposes. The XBRL US letter recommends creating a single agreed-upon financial data standard for investors and regulators to provide automated, understandable and more easily useable data for all data users.

Read the blog and letter: https://xbrl.us/dol5500/

Data Quality Committee Comments on Proposed FASB Taxonomy Changes

The XBRL US Data Quality Committee responded to FASB’s request for comment on significant proposed changes to be made to the 2017 Taxonomy.

Read the letter: https://xbrl.us/news/dqc-20161223/

XBRL US Publishes Position Paper on Reducing Business Burden and Cutting Government Spending

The paper addresses the significant challenges in data submission and collection today between business and government, including inconsistent data standards required from agency to agency and even within a single agency, lack of standard identifiers and duplication of data reported. The paper recommends establishing consistent standards to be used by all agencies and all reporting entities for reported facts and identifiers; and the establishment of a single master taxonomy and data collection system with oversight from a single government agency.

Read the paper: https://xbrl.us/wp-content/uploads/2016/12/Financial-Data-Standards-to-Reduce-Cost-Reduce-Burden.pdf
View the infographic for problems in government reporting today: https://xbrl.us/infographic/reduce-burden-cut-spending/
View the infographic for how to save billions in government reporting: https://xbrl.us/infographic/howto-save-billions-govt-spending/

XBRL US Introduces Point of View blog

A new blog called Point of View (PoV) has been introduced to express the vision of XBRL US and its members. New posts include:

Read the latest PoV topics: https://xbrl.us/xusnews/pov
Got a Point of View to share? Send an email to info@xbrl.us to get involved.

Case Studies Demonstrate Benefit of Standards for Data Users

Several recently published case studies demonstrate how XBRL helps user audiences reduce costs and increase timeliness:

Got research or an idea to explore? Send an email to info@xbrl.us to let us know about it.

Dept of Energy Orange Button: Data Standards in Solar Financing – Webinar Replay Now Available

Daniel Boff of the U.S. Department of Energy; Tom Tansy of the Sunspec Alliance and Campbell Pryde of XBRL US discussed the DOE’s Orange Button program, which is funded by the U.S. Department of Energy’s SunShot initiative. Orange Button seeks to make solar energy cost-competitive with other forms of electricity by funding cooperative research, development, demonstration, and deployment projects by private companies, universities, state and local governments, nonprofit organizations, and national laboratories to drive down the cost of solar electricity to $0.06 per kilowatt-hour.

Read about the DOE Orange Button program: http://energy.gov/eere/sunshot/orange-button-solar-bankability-data-advance-transactions-and-access-sb-data
Watch the webinar replay: https://xbrl.us/events/doe-orange-button-solar-financing/

Upcoming XBRL US Steering Committee Meetings

  • The Domain Steering Committee meeting will be Thursday, February 2 at 4 PM ET.
  • The Communications Steering Committee meeting will be Wednesday, February 22 at 10 AM ET.

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

XBRL US Members
Welcome to our newest member – Thomson Reuters

Thomson Reuters provides professionals with the intelligence, technology and human expertise they need to find trusted answers. https://xbrl.us/member/thomson-reuters

Find out more about the benefits of membership and how to become involved by visiting http://xbrl.us/membership.

Intrinio Publishes Blog on Data Normalization

About Data Quality

SEC filers should all use freely available, Data Quality Committee rules to identify and resolve errors in XBRL-formatted financials for more consistent, better quality data.

Learn about the rules: https://xbrl.us/rules-guidance
Find Data Quality Certified applications: https://xbrl.us/certification