January, 2022

XBRL US commented on FERC data collection of Forms 6 and 6-Q. Both forms are now required to be reported in XBRL format which renders the data machine-readable, improving the ability of the Commission to perform audits and reviews, and conduct research. It also enhances the usefulness of the data for the public who rely on FERC data to monitor rates as well as the financial condition of the oil pipeline industry and the energy markets. Read the XBRL US comment letter.

The SEC has set a busy agenda for 2022! The Commission published three new rule proposals with structured data requirements. The Commission’s Share Repurchase Disclosure Modernization rule proposes to require a new Form SR which reports information about purchases of equity securities for each day that an issuer makes a share repurchase. Form SR, which is designed to modernize and improve disclosure about share repurchase, would be required to be reported using Inline XBRL. Comments are due 45 days after publication in the Federal Register.

Separately, the Commission published Rule 10b5-1 and Insider Trading, which proposes amendments to Exchange Act Rule 10b5-1(c)(1) to address concerns over abuse of the rule, as well as new insider trading policy disclosures. Insider trading policies, as well as disclosures of grants of equity compensation awards would need to be disclosed in Inline XBRL format. Comments for this proposal are also due 45 days after publication in the Federal Register.

Finally, the SEC published a proposal on Money Market Reforms, which would require Form N-CSR to be produced in a custom XML data language. Comments for this proposal are due 60 days after publication in the Federal Register.

Arelle, open source XBRL validation platform acquired by Workiva. The agreement includes ownership of the Arelle domain name and trademark as well as management of the open source code. In the announcement about the acquisition, Workiva stated its commitment to keep Arelle open-sourced, and to continue collaborating with the XBRL community to advance this resource. John Turner, CEO of XBRL International published a blog post expressing support for the acquisition as important to ensuring the continued development of Arelle as an open source project. Arelle is an important utility in digital reporting, and XBRL US is encouraged to see the long-term support and development of this open source project.

XBRL US Event Replays

Webinar: Liberty Mutual Surety Custom XBRL Data Collection

Members of the Liberty Mutual Surety team including Greg Davenport, Senior Vice President, Global Risks, Angie Starkey, Commercial Surety Manager, and Todd Tschantz, Commercial Surety Manager, describe how they switched to consuming XBRL-formatted corporate financial data straight from the SEC into their internal financial systems. They were able to eliminate manual data entry and calculation, and can now obtain a richer, more detailed dataset for benchmarking, bonding and analysis. Watch this 60 minute session for a “before” and “after” demonstration.

Watch: https://xbrl.us/events/220126

Webinar Replay: Supporting ESG Data with Standards

Demand for corporate Environmental Social Governance (ESG) data continues to grow among investors, policy setters, and the public. Regulators worldwide are taking action. Hear findings from the XBRL US ESG Working Group on how data standards can be used to support better reporting on climate and other ESG data from public companies; and see a demonstration of machine-readable ESG reports from Moody’s and Etsy, the online retailer.

Watch: https://xbrl.us/events/220119

XBRL US presented an XBRL Grants Case Study at the CFO Council Grants Community of Practice Innovation Exchange. The program, hosted by the Office of Management and Budget, gave the XBRL US Standard Government Reporting Working Group, the opportunity to share a case study on how grants reporting, including Single Audit, can be rendered fully machine-readable in support of the Grants Reporting Efficiency and Transparency (GREAT) Act. Slides from the presentation can be found here. Read the case study.

Upcoming XBRL US Steering Committee and Other Member Meetings

The Data Quality Committee met on Wednesday, January 19. Version 17 of its rules – which includes 8 new checks for filers using the US GAAP or IFRS Taxonomies – were approved for release, with an effective date of May 1, 2022 (https://github.com/ DataQuality

The next DQC meeting will be held on March 23, 2022. Get information about the Committee and upcoming meetings: https://xbrl.us/dqc.

The Domain Steering Committee will meet Tuesday, February 15, at 2PM ET. https://xbrl.us/events/dsc-220215 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, February 15, at 3 PM ET. https://xbrl.us/events/csc-220215 – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, February 6, at 3 PM ET. (membership@xbrl.us for details)

XBRL US Members are encouraged to attend and get involved.

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.