January/February 2023 Newsletter

January/February 2023

SEC final rule calls for Inline XBRL for disclosures on policies to facilitate straight-through-processing. The final rule, Shortening the Securities Transaction Settlement Cycle is effective 60 days after the 3/6/2023 publication to the Federal Register. The rule adopts amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date to one, to adopt new rules related to the processing of institutional trades, and to amend certain recordkeeping requirements applicable to registered investment advisers.

The rule requires Central Matching Service Providers (CMSP) to establish, implement, maintain and enforce policies and procedures to facilitate straight-through-processing (STP) and to file an annual report regarding progress made with STP. CMSPs will be required to tag information in the annual report in Inline XBRL. The final rule compliance date is May 28, 2024.

FASB requests feedback on proposed GAAP Taxonomy Style Guide and updates guidance FAQ. The proposed Reference Style Guide aims to help in analyzing the presentation and disclosure requirements of the FASB Accounting Standards Codification (ASC) to determine the appropriate role and format of the reference related to elements included in the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy for existing requirements and amendments to the ASC in an Accounting Standards Update. It is also a tool for users of the GAAP Taxonomy to understand how reference roles are assigned to element’s references and to illustrate reference format. The comment period ends on March 17, 2023. Questions or comments should be emailed to xbrlguide@fasb.org.

The FASB staff also recently issued an update to the GAAP Frequently Asked Questions (FAQ) to include new guidance (Question 2.20) for disclosing how to tag the value of the useful lives of leasehold improvements related to property plant and equipment when stated as lease terms. The FAQ is available at this link.

SEC Office of the Chief Data Officer (CDO) publishes their Data Strategy FY 2022-2026 which references goals to 1) enhance use of data assets, 2) design and build integrated data infrastructure, 3) promote data awareness and literacy, and 4) strengthen data management and governance. Read the Strategy.

FASB extends the comment period for proposed meta model relationships. Feedback on Proposed Meta Model Relationships is now due by May 11, 2023. Additional information about the ITC can be found through this FASB/XBRL US webinar, “FASB Meta Model Invitation to Comment and Proposed Policy Election Element Relationships” held on Nov 2, 2022. Interested parties can comment by emailing xbrled@fasb.org or by sending written comments to “Chief of Taxonomy Development, FASB 801 Main Avenue, P.O. Box 5116, Norwalk, CT 06856-5116.” Refer to the File Reference Number located on the cover of the proposed ITC.

XBRL US & Member Events

FASB Webcast: 2023 GAAP/SRT Taxonomy Improvements & SEC Update, Tuesday, April 11, at 1 PM ET
This webcast will discuss improvements to the 2023 GAAP Financial Reporting Taxonomy (Taxonomy) for recently issued FASB Accounting Standards Updates (ASUs) and to the 2023 SEC Reporting Taxonomy (SRT) based on feedback and internal analysis collectively referred to as the “2023 Taxonomy Releases.” Details and registration: https://xbrl.us/events/fasb-230411

Webinar Replay: Government Financial Reporting – Data Standards and the Financial Data Transparency Act
The recently passed Financial Data Transparency Act (FDTA) requires data standards to be used by municipal bond issuers for financial statement reporting to the Municipal Securities Rulemaking Board (MSRB). Attend this 60-minute session to explore government data standards, find out how governments can create their own machine-readable financial statements, and discover what impact this legislation could have on government entities. Most importantly, discover how machine-readable data standards can benefit state and local government entities by reducing costs and increasing access to time-sensitive information for policy making. Hear speakers from the City of Flint, Michigan, the University of Michigan Center for Local State and Urban Policy (CLOSUP), Public Sector Credit and XBRL US. Watch the replay: https://xbrl.us/events/230124/

Webinar Replay: Digitizing Environmental Social Governance (ESG) Disclosures
International investors with global portfolios are increasingly calling for reliable, consistently reported data from companies on climate and other ESG matters. Regulators and standard setters are turning to XBRL as the appropriate data standard to render ESG data fully machine-readable and searchable. Attend this 60-minute session to learn about the benefits of ESG digitization and get the latest updates on US and global activities surrounding digital ESG. Explore findings from a case study on preparing ESG data in XBRL format featuring The Gap, Inc. Watch the replay: https://xbrl.us/events/230202/

XBRL Data Community – Live Support
Anyone can use this Google Meet link on Mondays between 3:30 and 4:30 PM ET to get help from XBRL US Staff with the XBRL API, our resources, etc.

Upcoming XBRL US Steering Committee and Other Member Meetings

The next Data Quality Committee will be held at Noon on Tuessday, March 21, 2023. Get information about the Committee and register to attend: https://xbrl.us/dqc.

The Domain Steering Committee will meet Tuesday, March 21, at 2PM ET. https://xbrl.us/events/dsc-230321 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, March 21, at 3 PM ET. https://xbrl.us/events/csc-230321 – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, March 14, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, March 28, at 12:30 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 – $525/ year) or your organization (fees vary, starting at $525 annually). Find out more about the benefits of membership and how to become involved by visiting https://xbrl.us/benefits.