October 2017 Newsletter - XBRL US

September/October, 2017
Regulatory & Legislative News SEC Proposes XBRL Requirement for Corporate Financial Statement Cover Pages SEC Updates Interactive Data Test Suite with IFRS Test Cases SEC Updates Interactive Data Test Suite to Accommodate Files Prior to EDGAR Submission XBRL US News XBRL US and SunSpec Alliance Hold Orange Button Public Review SFAA and NASBP Launch Surety Standards Toolkit Featuring XBRL XBRL Investor Forum: Smart Data, Better Results, November 1, New York City Data Quality Committee Publishes Cash Flow Guidance, Ruleset version 4.0.0 and Guiding Principles for Element Selection Webinar Replay – IFRS Taxonomy Deep Dive II: SEC Notice & Taxonomy Review Point of View: How Well Do You Tick & Tie Your XBRL? Point of View: XBRL. A Free and Open Reporting Standard Recent Point of View Topics XBRL US Speaks at Industry Events Upcoming XBRL US Steering Committee Meetings XBRL US Members Welcome to our newest organizational member – Crowe Horwath LLP XBRL International News XBRL International Hosts its 2017 Conference, Data Amplified, in Paris, November 6-8
Regulatory & Legislative News SEC Proposes XBRL Requirement for Corporate Financial Statement Cover Pages The Securities and Exchange Commission published a rule proposal on FAST Act Modernization and Simplification of Regulation S-K, including an amendment that would require that the information on the cover pages of Forms 10-K, 10-Q, 8-K, 20-F, and 40-F be tagged using Inline XBRL.The proposal is out for a 60 day review and comment period. Read the proposal: https://www.sec.gov/rules/proposed/2017/33-10425.pdf SEC Updates Interactive Data Test Suite with IFRS Test Cases The SEC test suite consists of many small Interactive Data instances, schemas and linkbases. The suite has been updated to provide new test cases for the 2017 IFRS taxonomy. Read more: https://www.sec.gov/structureddata/announcement/osd-announcement-091517-interactive-data-test-suite-update SEC Updates Interactive Data Test Suite to Accommodate Files Prior to EDGAR Submission The SEC posted a public test suite to assist developers of software that must validate Interactive Data prior to its submission to EDGAR. Access the test suite: https://www.sec.gov/page/osdinteractivedatatestsuite XBRL US News XBRL US and SunSpec Alliance Hold Orange Button Public Review XBRL US and SunSpec Alliance conducted a 30 day public review for the draft Orange Button solar taxonomy to solicit input on solar financing data fields. The launch was initiated at Solar Power International (SPI) in Las Vegas on September 12. Comments received will be incorporated and a second public review will be conducted in early 2018 to solicit further input. Read the release: https://xbrl.us/news/solar-20170912 Learn more about Orange Button: http://xbrl.us/solar SFAA and NASBP Launch Surety Standards Toolkit Featuring XBRL SFAA (Surety & Fidelity Association of America) and NASBP (National Association of Surety Bond Producers) jointly announced the creation of a Surety Standards Toolkit to help surety companies incorporate standards, including XBRL and ACORD, for insurance, into their financial systems. The toolkit includes a business case, detailed user examples and a calculation spreadsheet that allows sureties to determine the savings they can expect with the implementation of standards. Read the release: https://xbrl.us/news/nasbp-sfaa-surety-standards-toolkit View the toolkit: https://xbrl.us/surety-toolkit Watch replay of webinar on how to use the toolkit: https://xbrl.us/events/20170919/ XBRL Investor Forum: Smart Data, Better Results, November 1, New York City Register for this free, half-day, in-person forum, “Smart Data, Better Results”, hosted by Baruch College’s Zicklin School of Business, with sponsorship by CFA Institute and CFA Society New York. Speakers include representatives from CFA Institute, Morgan Stanley, the Securities and Exchange Commission (SEC), Thomson Reuters, and XBRL US, 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/forum Data Quality Committee Publishes Cash Flow Guidance, Ruleset version 4.0.0 and Guiding Principles for Element Selection The DQC published comprehensive Cash Flow Guidance for issuers, along with a new ruleset version 4.0.0. Separately, the committee published four guiding principles, designed to improve the usability of XBRL data by ensuring the consistency of element selection and data modeling, allowing the comparison of XBRL data for analysis purposes. Access the new ruleset and Cash Flow Guidance: https://xbrl.us/data-quality/rules-guidance Read the principles: https://xbrl.us/data-quality/principles Webinar Replay – IFRS Taxonomy Deep Dive II: SEC Notice & Taxonomy Review Starting in December 2017, foreign private issuers must begin filing their financials with the Securities and Exchange Commission (SEC) in XBRL format. The US GAAP Financial Reporting Taxonomy and the IFRS Taxonomy have certain key differences that XBRL tool and service providers, filers and data aggregators need to understand. This webinar covers those differences and addresses questions on tagging. Watch the replay & browse related resources: https://xbrl.us/faq-ifrs Point of View: How Well Do You Tick & Tie Your XBRL? David Tauriello, VP of Operations at XBRL US, outlines a new XBRL Data category that’s been added to XBRL Achievements, with badges related to raising the quality of, and using, standardized data. XBRL Achievements is XBRL US’ micro-credential program recognizing knowledge and skills developed for the changed digital financial reporting paradigm with categories for specification development, professional education, committee involvement, and now, data. Read the post: https://xbrl.us/xusnews/pov View XBRL Achievement Leaders: https://xbrl.us/leaders Point of View: XBRL. A Free and Open Reporting Standard Michelle Savage, VP Communications at XBRL US, weighs in on the importance of adopting a free, open, non-proprietary, financial data standard, developed and maintained by a global, not-for-profit standards body like XBRL. Read the post: https://xbrl.us/free-open-reporting-standard Recent Point of View topics Styles Come and Go. Consistency is Timeless. Scott Theis, CEO, Novaworks, LLC – https://xbrl.us/styles-come-and-go-consistency-is-timeless Have You Found the Right Team to Build Successful Standards? Campbell Pryde, President and CEO, XBRL US – https://xbrl.us/right-team-successful-standards XBRL US Speaks at Solar and Investor Events Capture Conference on XBRL standards for capture software – October 5, New York 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 Upcoming XBRL US Steering Committee Meetings The Domain Steering Committee meeting will be Thursday, November 9 at 3 PM EDT. The Communications Steering Committee meeting will be Wednesday, October 25 at 10 AM EDT. XBRL US Members are invited to attend and get involved. Email membership@xbrl.us for details. XBRL US Members Welcome to our newest organizational member – Seatig Seatig Inc. is a global IT services company specialized in serving financial sector. Seatig Inc. is a boutique China-based offshore software development house for Wall Street companies such as hedge funds, financial technology firms, brokerage firms, banks, and insurance companies. The group specializes in pricing systems, risk systems, trading platforms, order management systems, compliance applications and also provides middle/back office operation and analytics outsourcing such as data cleansing, report generation, P&L production, data mining, and data reconciliation. 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. XBRL International News *XBRL International Hosts its 2017 Conference, Data Amplified, in Paris, November 6-8* Get details and register at https://dataamplified.org 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 http://xbrl.us/rules-guidance Find Data Quality Certified applications: http://xbrl.us/certification
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The national consortium for
the business reporting standard

XBRL US is a not-for-profit organization supporting the implementation of digital business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration.

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