Legislative and Regulatory News
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Legislative and Regulatory News
GREAT Act Passes Senate Committee on Homeland Security & Government Reform
The Grants Reporting Efficiency and Agreements Transparency (GREAT) Act of 2019 (H.R. 150, S. 1829) was passed by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019. The bill will next go to the full Senate for a vote. The bill calls for the creation of government-wide data standards to be used by grants recipients, and also stipulates that organizations subject to Single Audit Reporting will be included as well.
FERC Adopts XBRL Standards for Utilities Reporting
The Federal Energy Regulatory Commission (FERC) announced that they are adopting the XBRL standard for utilities reporting on Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714. The final rule states: “The use of XBRL will make the information in these forms easier for filers to submit and data users to analyze, and assist in automating regulatory filings. The Commission believes that transitioning from the current Visual FoxPro system to XBRL will decrease the costs, over time, of preparing the necessary data for submission and complying with future changes to filing requirements set forth by the Commission.” The rule requires the building of an XBRL taxonomy to accommodate XBRL formatting of the forms noted above. Following the release of the draft taxonomy, the Commission will convene staff-led technical conference(s) to enable interested industry members, vendors, and the public to discuss and propose revisions to the draft taxonomy, along with other important components of the XBRL system. At that time, the FERC will establish an implementation schedule.
California State Assembly Committee Approves SB 598, Open Financial Statements Act
The California State Assembly, Committee on Local Government, unanimously (8 to 0) passed SB 598. If signed into law, this bill requires the creation of the Open Financial Statements Commission, a 9-member commission in the State Treasurer’s office. The commission would be tasked with contracting with vendors to build taxonomies suitable for public agency financial filings and creating a software tool that enables a public agency to easily create machine readable documents. The bill would require the commission, by January 1, 2021, to report to the Legislature and make recommendations regarding how and whether to transition financial reporting by state and local agencies to a machine readable format. The next step for the bill is to go to the State Assembly, Committee on Accountability and Administrative Review, and then to the full Assembly for vote.
SEC Publishes Concept Release to Harmonize Exempt Offerings
The Commission is looking for ways to ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor protections and to promote capital formation. One goal is to facilitate a company’s ability to transition from one offering to another, or to a registered offering. Today, data standards required for Regulation A companies and companies that are crowdfunded (Reg CF) differ from data standards required by public companies. Harmonizing the data standards required would aid exempt offerings in making the transition to a registered offering if they so choose.
Read the concept release: https://www.sec.gov/news/press-release/2019-97
SEC Updates EDGAR to Release 19.2, Publishes DEI Taxonomy
The Securities and Exchange Commission published EDGAR Release 19.2 along with the new DEI Taxonomy. The new taxonomy contains elements to aid issuers in complying with FAST Act requirements for cover page tagging of Forms 10-K, 10-Q, 8-K, 20-F and 40-F.
U.S. Federal Data Strategy Plan Published for Review and Comment
The U.S. Government published the Federal Data Strategy Plan along with a request for public comment. The Year 1 plan focuses on four areas including Enterprise Data Governance, Access Use and Augmentation, Decision Making and Accountability, and Commercialization, Innovation and Public Use. Comments are due by July 5, 2019.
Read the plan: https://strategy.data.gov/action-plan
XBRL US News
XBRL US Comments on FERC Electric Transmission Incentives Policy
The FERC proposal requests comment on whether form FERC-730, Report of Transmission Investment Activity which includes financial data, should be provided in XBRL format. Recently, FERC announced that utilities will be required to report data on Forms 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714, in XBRL format. The XBRL US letter recommends that Form 730 be provided in XBRL format because: 1) it includes financial, text and boolean data, which can be rendered by XBRL into machine-readable format; and 2) utilities will be required to report other data in XBRL format, therefore to ensure consistency and comparability, all data reported by utilities should be in the same structured data format.
XBRL US Supports SEC Proposal Requiring XBRL for BDCs and CEFs
XBRL US submitted a comment letter to the SEC concerning their proposal for Securities Offering Reform for Closed-End Investment Companies. This proposal, if passed as currently written, will require the use of Inline XBRL for financial data submitted to the Commission by Business Development Companies, for prospectus’ and for data on certain forms.
Read the letter: https://xbrl.us/wp-content/uploads/2019/04/XBRL-US-Response-to-SEC-RFC-on-Closed-End-Investment-Companies-File-No.-S7-03-19.pdf
Replays of Recent Events
Recent Point of View Topics
Recent Speaking Roles for XBRL US Staff
Register to Attend XBRL US Data Quality Committee Meeting, Wednesday, July 15 at Noon EDT
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
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.
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.
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