July/August 2018

Regulatory and Legislative News


XBRL US Members

Regulatory and Legislative News
SEC EDGAR Upgraded to Release 18.2, Now Supports IFRS Taxonomy

On July 9, 2018, the SEC upgraded the EDGAR system in Release 18.2 to support the 2018 IFRS Taxonomy.The EDGAR system now supports the 2018 US GAAP, 2018 SEC Reporting (SRT), 2018 DEI, 2018 EXCH, 2018 State and Province, and 2018 Risk-Return taxonomies. EDGAR no longer supports the 2016 US GAAP, 2013 DEI, 2009 DEI, 2016 EXCH, and 2010 Risk-Return taxonomies.

Read the announcement: https://www.sec.gov/structureddata/announcement/osd-announcement-070918-xbrl-taxonomy-update-july-09-2018

XBRL US Data Quality Committee Announces the Public Review of the 7th Ruleset

The public review and comment period, which is set to close September 10, 2018, includes twelve new rules covering tagging under the new revenue recognition standard, and potential problem areas with tagging pension data.

Read the release: https://xbrl.us/news/dqc-20180820
Watch a webinar replay from about the rules and guidance: https://xbrl.us/events/20180829
Review and comment on the rules: https://xbrl.us/public-review

XBRL US State & Local Govt Working Group Sends Letter to SEC Investor Advisory Committee

The purpose of the letter is to ask the SEC Investor Advisory Committee for its support for an initiative to build standards to resolve issues in analyzing financials of state and local government including time delays, the inability to easily aggregate data, and difficulties comparing local governments. The XBRL US working group asks the SEC Committee to ask MSRB (Municipal Securities Research Board) to permit inline XBRL CAFR (Comprehensive Annual Financial Report) filings in lieu of, or in addition to PDFs, and to implement the SEC’s Inline XBRL Viewer on EMMA (Electronic Municipal Market Access System).

Read the letter: https://xbrl.us/wp-content/uploads/2018/07/XBRL-US-Ltr-to-SEC-Investor-Advisory-Committee-RE-Municipal-Bond-Disclosure-Enhancements-8-15-18.pdf

AICPA Study Demonstrates that XBRL Costs Declined 45% Since 2014 Disclosure

On August 15, the Journal of Accountancy published the article, “XBRL Costs for Small Reporting Companies Have Declined 45% Since 2014”, stating:

“The cost of formatting financial statements in Extensible Business Reporting Language, or XBRL, for small reporting companies has plunged 45 percent since 2014, according to a new study by the American Institute of CPAs and XBRL US, making the requirement for using the data-tagged format more affordable…”

Read the study: https://www.aicpa.org/content/dam/aicpa/interestareas/frc/

Related media:

XBRL US Comment on U.S. Commerce Department Goal: Leveraging Data as a Strategic Asset

The Commerce Department notice, Cross Agency Priority Goal: Leveraging Data as a Strategic Asset, sought input on best strategies and processes for managing data, enabling effective access to data, improving the use of data for decision-making, and facilitating the use of data. XBRL US recommendations include: adopting a single, open source, nonproprietary, widely used, financial data standard, for all financial data reporting, from all entities, reporting to all government agencies. Recommendations also include requiring the use of the Legal Entity Identifier; and designating a single government agency to build and manage the data standard.

Read the letter: https://xbrl.us/wp-content/uploads/2018/07/XBRL-US-Comment-Letter-RE-Docket-Number-USBC%E2%80%932018%E2%80%930011-Leveraging-Data-as-a-Strategic-Asset-Phase-1-Comments.pdf

XBRL US Forms State & Local Government Disclosure Modernization Working Group

The new working group is focused on using standards to improve the efficiency of data collection and analysis concerning the financial performance of governmental entities. The group’s efforts will improve government financial transparency, enhance the efficiency of the municipal bond market, and aid efforts to streamline regulatory reporting, including grant reporting. One of the catalysts for the formation of the working group was the signing of Florida legislation, HB 1073 in March 2018, which establishes the Florida Open Financial Statement System, and enables the state CFO to build XBRL taxonomies for state, county, municipal, and special district financial filings.

Read the release: https://xbrl.us/news/state-and-local-govt-wg-formed
Visit the working group page: https://xbrl.us/home/government/state-and-local-government

Related media:

XBRL US Comments on SEC Draft Strategic Plan 2018-2022

Recommendations made by XBRL US in its letter responding to the Securities and Exchange Commission’s Strategic Plan include: (1) Require all financial data submitted by all reporting entities, to be provided in computer-readable, standardized format, (2) Use consistent standards across the agency to keep the cost of producing and consuming the data low, and improve the ability to perform analysis, (3) Opt for only one financial data standard to be used by all entities, (4) Make greater use of standardized data.

Read the letter: https://xbrl.us/news/comment-sec-strategic-plan-20180725

XBRL US Applauds the SEC Adoption of Inline XBRL for Operating Companies and Mutual Funds

The consortium strongly supports the move by the Commission to adopt Inline XBRL. In the letter to the Commission, XBRL US President and CEO, Campbell Pryde stated, “The SEC decision to move to Inline XBRL reduces the need for companies to file two versions of company financials and simplifies the company’s review process. The singularity of the report generated should increase the quality of the data reported and help investors and data providers by ensuring the XBRL data and financial statements are the same. All XBRL US member organizations that offer XBRL preparation tools and services will be ready well in advance of the specified timing for the adoption of inline XBRL.”

Read the release: https://xbrl.us/news/sec-20180702

New Speakers Confirmed for XBRL US Investor Forum, November 8 in New York City

Speakers from fintech companies TruSet, and Auditchain, have been confirmed to speak at the Fall investor forum which also features keynote speaker, Robert J. Jackson, Commissioner at the Securities and Exchange Commission. This half-day program will help attendees learn about topics affecting the capital markets including blockchain, alternative data, automation through standards, legislative and regulatory changes. The event is free to attendees but requires registration.

Learn more and register: https://xbrl.us/events/forum-2018

Point of View: The Future is NOW

David Tauriello, Vice President of Operations at XBRL US, discusses the SEC’s recent adoption of inline XBRL for operating companies and the importance of ensuring data quality.
Read the post: https://xbrl.us/xusnews/pov

Recent Point of View topics

Inline XBRL Infographic: Find Out About Inline XBRL

View this infographic for the basics on how the Inline XBRL specification works, who it benefits, and how it improves the process of reviewing XBRL financials.

View the infographic: https://xbrl.us/infographic/about-inline-xbrl

Register to Attend XBRL US Data Quality Committee Meeting, Wednesday, October 10 at 9 AM ET

At this meeting, industry leaders will participate in discussions and plans for developing guidance and rules for use by public companies complying with the XBRL requirements of the US Securities and Exchange Commission.

Get information about the Committee and register to attend: https://xbrl.us/dqc

Upcoming XBRL US Steering Committee Meetings

  • The Domain Steering Committee: Thursday, September 6 at 3 PM ET
  • The Earnings Announcement Subcommittee: Tuesday, September 18 at 3 PM ET
  • The State & Local Government Working Group: Thursday, September 20 at 1 PM ET
  • The Communications Steering Committee kickoff call: Thursday, September 20 at 3 PM ET
  • The Corporate Actions Working Group is currently on hiatus.

    Upcoming XBRL US Meetings: https://xbrl.us/membership

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

XBRL US Members
Welcome to our newest organizational members – Thales Consulting, Reason Foundation, Gray CPA Consulting, and Neighborly Investments

Thales Consulting
creates applications for local government financial reporting. These applications streamline the preparation of financial reports, which allows them to be completed faster and more cost effectively. https://xbrl.us/thales-consulting

Reason Foundation is a nonpartisan public policy research organization that promotes choice, competition, and a dynamic market economy as the foundation for human dignity and progress. Reason produces rigorous, peer-reviewed research and directly engages the policy process, seeking strategies that emphasize cooperation, flexibility, local knowledge, transparency, accountability, and results. https://xbrl.us/reason-foundation

Gray CPA Consulting is a leading provider of U.S. Governmental Reporting and Accounting Solutions. Partnering primarily with CaseWare since 1998, Gray serves as the premier implementation team and software trainers for CaseWare’s US GASB and US Financials Templates and provides training and consulting services to entities throughout the United States, including Governmental entities, CPA firms and Corporations. https://xbrl.us/gray-cpa

Neighborly Investments leverages Neighborly’s robust technology to deliver investor access to impactful public projects, from schools and public parks to next-generation infrastructure such as microgrids. With a strong focus on transparency and accountability, Neighborly Investments offers investors the unprecedented opportunity to make a direct contribution to projects that address environmental, social, educational and economic challenges in communities across the U.S. https://xbrl.us/neighborly

XBRL US 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 ($55 – $500/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.

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