November/December, 2017

Regulatory & Legislative News


XBRL US Members

Regulatory & Legislative News

SEC Publishes XBRL Datasets for Mutual Fund Risk/Return Data

In late October, The SEC published data sets of mutual fund risk/return data filed in XBRL format. The information is presented without change
from the   “as filed” submissions by each registrant as of the date of the submission. This and other freely available data sets are
accessible in a new Data Library created by the Division of Economic Analysis (DERA). The Data Library provides the public with a central
reference location to access all data sets that DERA makes available.

Download Mutual Fund Risk/Return Data:

Visit the SEC’s Data Library:


XBRL US Submits Letter to SEC on FAST Act Modernization and Simplification of Regulation S-K

In response to the SEC’s request for comment, key recommendations included:

  • Require the use of the LEI for those registrants that currently maintain an LEI. Require the LEI to be tagged using Inline XBRL to enable
  • Establish a roadmap to full adoption of the LEI for all public companies.
  • Help issuers understand the value of the LEI for themselves and their stakeholders through educational programs.
  • Consider other identifiers such as securities identifiers linked to the LEI; and an LEI that represents individuals.
  • Require structured data standards for cover pages. Require Inline XBRL specification (or conventional XBRL if Inline XBRL has not yet
    been adopted by the Commission).
  • Educate issuers on how tagged cover page data will be used by corporate stakeholders.
  • Require tagging of cover pages for Form 6-K in addition to other filings.
  • Consider requiring the tagging of other corporate disclosures such as entire Form 8-Ks that contain financial data, e.g., earnings
    announcements, as well as the MD&A, proxy statement and risk factor sections.

Read the letter from XBRL US:

Respond to the SEC’s request for comment by January 2, 2018:

CFA View on Standards, Webinar Scheduled for January 10, 2018

Mohini Singh, Director of Financial Reporting at the CFA Institute, will present findings from a study about the costs that companies, large
and small, bear in preparing and filing their financial information in a structured format. The study will address what can be done to mitigate
those costs so that all parties, including preparers, regulators and users, may avail of the benefits of structured data.

Register for the webinar:

XBRL Tagging in IFRS, Webinar Scheduled for January 31, 2018

This 60-minute webinar, featuring speakers from the Securities and Exchange Commission and the International Accounting Standards Board, will
address questions raised by foreign private issuers, and will cover a detailed preparers guide to aid issuers, created by the IASB. Those
topics and more will be addressed during this informative, educational program. Participants will have the opportunity to submit questions in
advance of the webinar to shape the discussion.

Register for the webinar:

Video Recording of XBRL US Investor Forum Now Available

The XBRL US Investor Forum, held on November 1, featured speakers from the Securities and Exchange Commission, Morgan Stanley, BNY Mellon, CFA
Institute and more.

Watch the videos:

Point of View: Keep Calm and Check Your Work!

Lou Rohman, Vice President, XBRL Services, Merrill Corporation; and Chair, XBRL US Data Quality Committee, explains how Data Quality Committee
rules are used by accountants to check their XBRL work. The article provides evidence demonstrating that the checks are reducing the volume of
errors in public company financial statements today.

Read the post:
Access the rules and guidance:

Recent Point of View topics

XBRL US Speaks at Solar and Investor Events

  • XBRL A to Z, Enhancing the Standard and Earnings Release Case Study sessions at XBRL US Investor Forum –
    November 1, New York

  • Management Presentation to Members, XBRL US Annual General Meeting – November 1, New

  • Capture Conference on XBRL standards for capture software – October 5, New York
  • Solar Power International on Solar Taxonomy – September 10-13, Las Vegas

Upcoming XBRL US Data Quality Committee (DQC) Meeting

The DQC will hold it’s next open meeting on Monday, December 18, from 3 – 5 PM ET.
Get information about the Committee and register to attend:

Upcoming XBRL US Steering Committee Meetings

  • The Domain Steering Committee meeting will be Thursday, January 4 at 3 PM ET.
  • The Communications Steering Committee meeting will be Wednesday, January 11 at Noon ET.

XBRL US Members are invited to attend and get involved. Email for details.

XBRL US Members

Welcome to our newest organizational members – Crowe Horwath LLP & Auditchain

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, our dedicated professionals create
value for our clients with integrity and objectivity. As part of our initiative to help automate the construction industry’s information flow
through efficient use of technology, we have developed the Crowe Portfolio AnalyzerTM solution for sureties and agents, which can deliver
timely and comprehensive reporting about each contractor’s financial situation while significantly reducing manual data entry and analysis.

Auditchain is the world’s first decentralized continuous audit and reporting protocol ecosystem and a founding member of the
DCARPE™ Alliance which is comprised of members of the investment, accounting, audit, legal and financial reporting community. The DCARPE™
Alliance was formed to collaborate with its members on matters such as regulation, implementation, adoption, scaling and integration. The
DCARPE™ Alliance holds events and symposiums as well as educating the investment, enterprise and regulatory community about the benefits of
continuous audit and real-time reporting using blockchain.

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

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 & Guidance
Find Data Quality Certified applications: