June 2017

Regulatory & Legislative News


XBRL International News

Regulatory & Legislative News
FASB Publishes Invitation to Comment on Effectiveness of US GAAP Financial Reporting Taxonomy

The public comment period for the FASB Efficiency and Effectiveness Review for the US GAAP Financial Reporting Taxonomy ends on June 15, 2017. To help issuers, vendors and other stakeholders better understand the request for comment, XBRL US and the FASB are holding a free webinar on May 31 to discuss.

Read the proposal: http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176169022043&acceptedDisclaimer=true
Watch archived webinar from May 31 on how to participate: https://xbrl.us/events/20170531/

SEC Extends Deadline for Comment Letters on Industry Guide 3 (Statistical Disclosure by Bank Holding Companies)

The proposed changes to Industry Guide 3 cover updates to disclosure requirements for bank holding companies, including a proposal to require tabular disclosures in XBRL format. The public comment period has been extended to July 7, 2107.

Read the proposal: https://www.federalregister.gov/documents/2017/03/07/2017-04329/request-for-comment-on-possible-changes-to-industry-guide-3-statistical-disclosure-by-bank-holding

XBRL Achievements Program Helps Identify XBRL Skillsets

To help regulators and businesses identify individuals with the appropriate skills to build successful taxonomies and generate high quality XBRL documents, XBRL US has introduced XBRL Achievements, which awards badges for specific XBRL skills including Professional Education, Committee Participation and Specification and Guidance. Future badges to be awarded will focus on XBRL data.

Learn about the program: https://xbrl.us/home/learn/leaders/achievements/
View XBRL Achievement Leaders: https://xbrl.us/home/learn/leaders/

New Case Study Published: How Little Companies Get Big, Featuring idaciti

XBRL data gives small businesses the tools to conduct critical analysis needed to make ?go/no go? decisions on major life cycle changes. Should a company go public? Merge with another company? Be acquired? Understanding the path taken by other small businesses can help them determine the best course for themselves.

Read the case study: https://xbrl.us/research/how-little-companies-got-big/

XBRL US Hosts Solar Project Finance Webinar Featuring Dept of Energy, Wells Fargo & More

On June 28, 2017, XBRL US will host a webinar on how the pain points of project finance can be resolved through effective use of financial data standards. This session will be held at 3 pm ET and will discuss the US Department of Energy?s Orange Button project to build data standards to reduce the soft costs of solar financing.

Register: https://xbrl.us/events/standards-for-more-efficiency-in-solar-project-finance/

Surety Working Group Announces The Hartford Successfully Incorporates Standards into Data Collection

The XBRL US Surety Working Group announced today that standards have been used to successfully automate the collection of data for surety underwriting which historically has been a highly manual process. The Hartford has been able to automate the collection of Work-in-Process data into their financial system, addressing the challenge of how to consistently and accurately streamline internal data collection, improve contractor access to credit and increase underwriting efficiency.

Read the release: https://xbrl.us/news/20170503/
Read the case study about The Hartford consuming XBRL data: https://xbrl.us/research/automation-improves-surety-underwriting-process/
Read the case study about Marcum LLP creating XBRL-formatted WIP reports: https://xbrl.us/research/automating-work-in-process-wip-improving-contractor-access-to-credit/

View the infographic explaining the process: https://xbrl.us/infographic/data-collection-surety-underwriting/

XBRL US Comment Letter Submitted on SEC Proposal to Require Inline XBRL

Key points raised in the letter include:

  • Transitioning to Inline XBRL will reduce the burden on filers and improve the quality of XBRL-formatted data
  • A phase-in schedule is appropriate for operating companies
  • The Commission should consider challenges facing operating companies and mutual funds when determining the timing in the final rule
  • Inline XBRL should be required for reporting of all disclosures by reporting entities required by the SEC including such areas as the MD&A and proxy

Read the letter: https://xbrl.us/wp-content/uploads/2017/05/XBRL-US-Comment-on-SEC-Proposal-for-Inline-XBRL-File-No.-S7-03-17.pdf

XBRL US Initiates Public Review of XBRL US Style Guide

The 90-day public exposure period began on April 17 and will close on July 17. The Style Guide, which was revised by the XBRL US Domain Steering Committee, is designed to be used by developers as they build new taxonomies or update existing taxonomies, to facilitate the creation of consistent, high-quality, easy-to-use taxonomies. Developers, software providers and business professionals interested in building standards are encouraged to respond.

Read and comment on the Style Guide: https://xbrl.us/events/public-exposure-for-comment-style-guide/

Point of View: Have You Found the Right Team to Build Successful Standards?

Campbell Pryde, President and CEO, XBRL US, discusses a newly introduced program to help organizations who want to build financial data standards programs identify individuals who have the right skills. XBRL Achievements awards badges to those individuals who edit or author technical specifications and guidance; participate in XBRL-focused committees; and who have attended qualified professional education programs.

Read the post: https://xbrl.us/xusnews/pov/

Recent Point of View topics

Webinar Replays: SEC & IFRS Taxonomy – Implications for FPIs, XBRL Providers & Data Users

Watch replays from these two free, one-hour webinars to learn more about the SEC’s Notice on the IFRS Taxonomy and about the IASB taxonomy itself. Speakers from the IASB and the Securities and Exchange Commission share their view.

View the archived webinars: https://xbrl.us/faq-ifrs

XBRL US Speaks at Solar, Investor and Surety Events

Recent events:

  • Surety & Fidelity Association of America
    Annual Meeting – May 11, Washington, DC
  • New York Society of Securities Analysts event on “Financial Reporting and Analysis Today: Making the Process Easier, Better and Faster” – May 4, New York (Livestream archive: https://www.nyssa.org/event/financial-reporting-and-analysis-today-making-the-process-easier-faster-better/
  • Surety Innovation Center
    National Association of Surety Bond Producers (NASBP) Annual Meeting – April 24, Boca Raton, FL
  • Scaling Up Solar Finance: Standards To Reduce Soft Costs and Expand The Market
    SunSpec Alliance 2017 Annual Meeting – March 30, San Francisco, CA
  • Big Data: Little Orange Button
    Solar Power Asset Management and Performance Conference – January 19-20, San Diego, CA

Upcoming XBRL US Steering Committee Meetings

  • The Domain Steering Committee meeting will be Thursday, July 6 at 3 PM ET.
  • The Communications Steering Committee meeting will be Wednesday, June 28 at 10 AM ET.

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

XBRL International News
XBRL International Submits SEC Comment Letter on Inline XBRL

The letter from XBRL International expresses strong support for the SEC proposal to require the use of Inline XBRL as a replacement to separate HTML and XBRL filings.

Read summary and letter: https://www.xbrl.org/news/shape-of-xbrl-in-the-us-part-2/

XBRL International Hosts its 2017 Conference, Data Amplified, in Paris, November 6-8

Learn about the conference: https://xbrl.us/events/data-amplified-2017/

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