January/February 2019

Legislative and Regulatory News


About XBRL US and Membership

Legislative and Regulatory News
Federal Energy Regulatory Commission Publishes Proposal to Require XBRL for Utilities Reporting

The Federal Energy Regulatory Commission (FERC) posted a proposal to require the use of XBRL for reporting Commission Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 for utilities. The proposal is out for a 30 day comment period which ends March 6, 2019.

Read the proposal: https://www.ferc.gov/whats-new/comm-meet/2019/011719/M-1.pdf?csrt=11580353724534202646

Open Government Data Act Passed

On January 14, 2019, the Open (Open, Public, Electronic and Necessary) Government Data Act, which is Title II of HR 4174, Foundations for Evidence-based Policymaking Act of 2018, was signed into law. The goal of the Act is to improve data portability, openness, and transparency without specifying certain formats or technology. It defines open data, creates minimal standards for making federal government data available to the public, requires the federal government to use open data to improve decision making, ensures accountability by requiring regular oversight, and establishes and formalizes Chief Data Officers (CDO) at federal agencies who will have data governance and implementation responsibilities.

Read the bill: https://www.congress.gov/115/bills/hr4174/BILLS-115hr4174enr.pdf

GREAT Act Passes the U.S. House of Representatives

On January 17, 2019, the GREAT Act (H.R. 150) unanimously passed the House of Representatives in the 116th Congress. The GREAT (Grants Reporting Efficiency and Agreements Transparency) Act calls for the creation of a comprehensive and standardized data structure (“taxonomy”) covering all reported federal grant and assistance data.

Read the bill: https://www.congress.gov/bill/116th-congress/house-bill/150

Federal Energy Regulatory Commission Issues RFP for XBRL Solution

On February 22, 2019, the Federal Energy Regulatory Commission (FERC) published an RFP to replace their current VFP Forms and applications with a technical XBRL solution that allows filers to file in a system that uses XBRL and to allow Commission staff to update taxonomies, filing, and reporting requirements for these Forms independent of IT resources. Responses are due by March 22, 2019.

Read the RFP: https://www.fbo.gov/index?s=opportunity&mode=form&id=ef34fc9b91be480bef0d004b877a9f15

SEC Comment Letter on Proposed Collection of Interactive Data

XBRL US submitted a comment letter responding to the SEC request on the Proposed Collection of Interactive Data. The letter points out that access to interactive data enhances the Commission’s ability to monitor companies and perform analysis, reduces the cost of analysis for investors and analysts, and streamlines and improves efficiencies (reduces cost) in data processing.

Read the letter: https://xbrl.us/wp-content/uploads/2018/12/XBRL-US-Comment-Letter-RE-Proposed-Collection-of-Interactive-Data-1-25-2019.pdf

XBRL US Publishes CAFR Demonstration Release, Holds Webinar Jointly with NASACT

XBRL US published a Demonstration Release Taxonomy representing selected portions of the Comprehensive Annual Financial Report (CAFR) used by state and local governments to report financial data. The taxonomy was developed by the XBRL US State and Local Government Disclosure Modernization Working Group. A 60-day public review period is being held which will close on March 18, 2019. The webinar features speakers from the state of Utah and McHenry County, Illinois and the National Association of State Auditors, Comptrollers and Treasurers (NASACT).

Read the release: https://xbrl.us/news/cafr-demonstration-taxonomy-published/
Review the taxonomy and supporting materials: https://xbrl.us/xbrl-taxonomy/2019-cafr
Listen to the webinar replay: https://xbrl.us/events/20190123

OMB Comment Letter on President’s Management Agenda, Draft Federal Grants Management Data Standards

XBRL US submitted a comment letter and provided feedback on 426 standardized concepts in response to the President’s Management Agenda Draft Federal Grants Management Data Standards for Feedback. The Results-Oriented Accountability for Grants Cross Agency Priority Goal Team is soliciting feedback on these standards to develop and implement core grants management data elements and modernize information technology solutions. The goal of the program is a future state where grants data are interoperable, there are fewer internal and public-facing grants management systems, and Federal awarding agencies and recipients leverage data to successfully implement a risk-based, data-driven approach to managing Federal grants.

Read the letter: https://xbrl.us/wp-content/uploads/2018/12/XBRL-US-Comment-Letter-RE-OMB-Federal-Grants-Management-Data-Standard-1-15-19.pdf

Comment Letter to FERC Submitted on Use of XBRL for Forms Reporting

XBRL US has submitted a comment letter responding to the Federal Energy Regulatory Commission (FERC) proposal to require the use of XBRL for reporting Commission Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 for utilities. The Commission proposal sought input first, on whether the XBRL standard should be chosen versus a custom XML implementation, and second, on the accuracy of the burden estimates provided in the proposal, and any recommendations on how to reduce the burden on reporting entities.

Read the letter: https://xbrl.us/wp-content/uploads/2019/01/XBRL-US-Comment-Letter-RE-FERC-Proposal-Docket-No.-RM19-12-000.pdf

Data Quality Committee (DQC) Approved and Published 8th Release

In February, the XBRL US Data Quality Committee (DQC) finalized, approved, and published its 8th release of freely available rules and guidance, which includes 2 new validation checks for filings prepared using the IFRS or US GAAP Financial Reporting Taxonomy. DQC rules and guidance are used by issuers to identify and correct errors in their SEC filings. All approved rules and guidance are free and publicly available.

Watch the webinar replay about the rules: https://xbrl.us/events/20190116
Review the approved rules: https://xbrl.us/data-quality/rules-guidance
Check your company filing: https://xbrl.us/check

Upcoming Webinars from XBRL US

  • 30,000 Foot View of Inline XBRL: What’s New, What’s Not
    March 13, 3:00 PM EDT
    Get a bird’s eye view of what Inline XBRL may or may not change in the preparer’s workflow, in the XBRL content (instance and taxonomy), and the review of the filing. Learn about the challenges with Inline XBRL and what preparers, XBRL consultants, and software providers should be watching out for. Find out how Inline XBRL can improve your own process. This session provides a review of changes in workflow, the XBRL instance document, components of the EDGAR SEC submission and data quality considerations. Speakers are Bryan Castrantas, Senior Manager, Richey May & Co., LLC, and Joe Luczka, Director, KPMG LLP.
    Register: https://xbrl.us/events/201903132019
  • Inline XBRL Deep Dive: Exploring Workflow Changes for Filers and Vendors
    April 3, 3:00 PM EDT
    Get a step by step review of the workflow changes with Inline XBRL for SEC filers, and vendors who help them prepare their XBRL financials. This session will provide a detailed comparison of the current conventional XBRL process compared to the inline XBRL process. It will also cover how to manage quality in your workflow. Speakers are Patrick Loughry, XBRL Subject Matter Expert, Toppan Merrill; Chair, XBRL US Earnings Release Subcommittee, and Scott Theis, CEO, Novaworks LLC; Chair, XBRL US Domain Steering Committee. Register:
  • Inline XBRL Deep Dive: Navigating the Instance Document
    April 24, 3:00 EDT
    Get an in-depth review of the Inline XBRL instance document and hear best practices on how to successfully manage the differences between conventional and Inline instances. Learn about features of the instance and how to prepare them for a successful inline XBRL document including hidden tags, duplicate amounts, dimensions, transformations, exclusions and continuations.This session will also cover managing quality in your instance document. Speakers are Steven Horowitz, Manager of Technical Services and Web Applications, Novaworks LLC, and Joe Luczka, Director, Compliance Solutions Team – NAS, KPMG LLP.
    Register: https://xbrl.us/events/20190424

The XBRL API: Updates, Enhancements & New Excel Template

The XBRL API (Application Program Interface)is a set of endpoints that allows developers and data utilities, with limited XBRL knowledge, to learn a single interface to access data from any database that contains XBRL data, including the XBRL US Database of Public Filings. Read version 1.3 of the documentation to learn about the new label endpoint and footnote options for fact queries. Browse the XBRL Data Community page to download a new template for Microsoft Excel users.

Read the documentation: https://xbrl.us/xbrl-api-documentation
Download the Excel template from the XBRL Data Community: https://xbrl.us/xbrl-api-community

Recent Point of View Topics

  • The right tools for when it absolutely, positively, has to be done right
    Ami Beers, Director – Assurance and Advisory Services, Corporate Reporting, Association of International Certified Professional Accountants (AICPA); Member, XBRL US Data Quality Committee – https://xbrl.us/right-tools
  • Fix state and local government reporting. Here’s how

Member News

Ez-XBRL, Touro College and the Reason Foundation jointly publish VIRGINIA LOCALITIES FISCAL PERFORMANCE REPORT – JANUARY 2019, which analyzes the fiscal health of Virginia municipalities and recommends that CAFRs be produced using financial data standards such as Inline XBRL.
Read the full report: https://xbrl.us/wp-content/uploads/2019/01/Virginia-Fiscal-Health-Report-2018.pdf

Register to Attend XBRL US Data Quality Committee Meeting, April 23, 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, March 7 at 3 PM ET
  • The Communications Steering Committee: Tuesday, March 19 at Noon EDT
  • The Earnings Announcement Subcommittee: Tuesday, March 26 at 3 PM EDT
  • The State & Local Government Working Group: Wednesday, April 24 at 1 PM EDT
  • Upcoming XBRL US Meetings: https://xbrl.us/membership

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

About XBRL US and Membership

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. This organization recently joined XBRL US:

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 https://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 https://xbrl.us/rules-guidance
Find Data Quality Certified applications: https://xbrl.us/certification