August 2017 Newsletter

Proposed Update 1 to the IFRS Taxonomy 2017 has been published for public comment by the International Accounting Standards Board (IASB). The public comment period will end on September 18, 2017. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review and submit comments directly to the IASB.

Read the SEC release: https://www.sec.gov/structureddata/announcement/osd-announcement-080317-proposed-update-ifrs-taxonomy
Visit the IFRS Taxonomy Public Review page: http://www.ifrs.org/projects/work-plan/ifrs-taxonomy-update-ifrs-17/

The Commission is now posting financial data sets that include notes in additional to financial statement data from 2009 to date. This data will be updated quarterly.

Read more: https://www.sec.gov/dera/data/financial-statement-and-notes-data-set.html

The Commission has posted further guidance on the use of negative values in XBRL tagged financials.

Read more: https://www.sec.gov/structureddata/announcement/osd_announcement07142017-data-quality-reminder-negative-values

This free, half-day, in-person forum, “Smart Data, Better Results”, is hosted by Baruch College’s Zicklin School of Business, with sponsorship by CFA Institute and CFA Society New York. This year’s program will emphasize practical information on using structured, automated smart data to perform better analysis. Speakers include representatives from CFA Institute, Morgan Stanley, the Securities and Exchange Commission (SEC), and Thomson Reuters, in addition to various XBRL startup analytical tool providers. Investors, analysts, and regulators, as well as data and analytical tool providers are encouraged to attend.

Learn more and register: https://xbrl.us/events/forum-2017

The public review period will end on September 5 and is being held simultaneously with the public review for the 4th ruleset which is scheduled to close on August 15. This latest public review includes 11 new topics plus a detailed guide on how to prepare XBRL-formatted cash flow statements that produce good quality financial data.

Review guidance and participate in public review: https://xbrl.us/public-review/
Watch the replay of the August 2 webinar covering the rules and guidance: https://xbrl.us/events/20170802/
Register to attend the October 4 DQC meeting online: https://xbrl.us/events/dqc-20171004/

All data providers and XBRL tool and service providers should attend this second deep dive webinar into the IFRS Taxonomy and the SEC rule. This one-hour session will provide demonstrations of IFRS XBRL instance documents and the IFRS Taxonomy, plus responses to questions about the rule and how to tag using the IFRS Taxonomy. Attendees have an opportunity to submit their own questions to SEC representatives.

Learn more and register: https://xbrl.us/events/20170823/
Browse IFRS Taxonomy resources & replays: https://xbrl.us/faq-ifrs

The SEC published a rule proposal seeking to modernize the nature, timing, scope and applicability of disclosure requirements in Industry Guide 3 for bank holding companies. XBRL US’ letter supports the use of structured data in these modernization efforts.

Read the letter: https://xbrl.us/wp-content/uploads/2017/07/XBRL-US-Comment-RE-S7-02-17-Industry-Guide-3.pdf

The ITC (Invitation to Comment) from the FASB concerns proposed changes to improve the US GAAP Financial Reporting Taxonomy.

Read the letter: https://xbrl.us/wp-content/uploads/2016/12/DQC-20170615.pdf

This session covers how project finance is used extensively to fund solar installations, supporting a rapidly growing market. The U.S. solar industry experienced a 97% increase in the Photovoltaic (PV) market 2016 over 2015. Complex project finance programs involve multiple parties and requires a large amount of data that must be tracked over multi-year contracts that can run from 20 to 25 years in length. Speakers from Wells Fargo, the U.S. Department of Energy, CoreFiling and XBRL US discuss how standards can vastly improve financing efficiencies.

Watch the replay: https://xbrl.us/events/20170628/

Scott Theis, Chair of the XBRL US Domain Steering Committee, and CEO of Novaworks, LLC, discusses the importance of consistency in standards development; and addresses how the XBRL US Style Guide can serve as a critical aid in developing consistent standards that produce high-quality XBRL data.

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

• Have You Found the Right Team to Build Successful Standards? Campbell Pryde, President and CEO, XBRL US – https://xbrl.us/right-team-successful-standards/
• Embed Your Opinion… on Inline XBRL
  Campbell Pryde, President and CEO, XBRL US – https://xbrl.us/opinion-inline-xbrl/
• What Can the Solar Industry Learn from the Grocery Business?
  Jon Previtali, VP, Environmental Finance Group, Wells Fargo and Michelle Savage, VP, XBRL US – https://xbrl.us/solar-industry-grocery-business/

• Solar Power International on Solar Taxonomy – September 10-13, Las Vegas
• Intersolar Finance Symposium II on “Orange Button: Attacking Costs and Increasing Transparency via (Portable) Finance Data Standards” – July 10, San Francisco, CA
• 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/

• The Domain Steering Committee meeting will be Thursday, September 7 at 3 PM EDT.
• The Communications Steering Committee meeting will be Wednesday, August 30 at 10 AM EDT.

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

Participating in the Surety Initiative, Crowe Horwath LLP is one of the largest public accounting, consulting, and technology firms in the U.S. Connecting deep construction industry accounting and tax expertise and specialized knowledge with innovative technology, its dedicated professionals create value for clients with integrity and objectivity.

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.

Not yet an XBRL US member? Maybe it’s time to consider joining XBRL US for yourself ($50 / year) or your organization (fees vary). Find out more about the benefits of membership and how to become involved by visiting http://xbrl.us/benefits.

Get details and register at https://dataamplified.org