Regulatory & Legislative News
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.
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.
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
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.
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.
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
XBRL US Speaks at Solar and Investor Events
Upcoming XBRL US Steering Committee Meetings
XBRL US Members are invited to attend and get involved. Email firstname.lastname@example.org 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.
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