April, 2023 Newsletter

April 2023

SEC to host Municipal Securities Disclosure Conference on May 10, 2023. The program agenda will cover the Financial Data Transparency Act (FDTA), voluntary disclosures, risks, and current disclosure topics. Members are encouraged to attend and registration is required (deadline to register May 5, 2023).

SEC announced that they had reopened the comment period for the rule proposal, Modernization of Beneficial Ownership Reporting. The Commission is reopening the comment period to allow interested persons an opportunity to comment on the additional analysis and data contained in a staff memorandum that was added to the public comment file on April 28, 2023. Comments must be received by June 27, 2023. Read the original XBRL US comment letter.

SEC Open Meeting on Form PF and share repurchase disclosures was held on May 3, 2023. Both proposals were adopted as final rules. The final rule on Amendments to Modernize Share Repurchase Disclosure requires tabular disclosures of repurchase activity with detailed tagging of the quantitative amounts disclosed within the required tabular disclosures and block text tagging and detail tagging of required narrative and quantitative information in Inline XBRL format. Read the final rule on Amendments to Form PF.

XBRL US commented on the General Services Administration (GSA) RFI on the Federal Integrated Business Framework (FIBF) Information Management Toolset. The FIBF Framework is part of the implementation of the Grants Reporting Efficiency and Transparency (GREAT) Act which aims to bring data standards into the grants reporting process for improved efficiency and reduced burden. XBRL US comments emphasized the importance of proper implementation of data standards as the optimal long-term solution to meet the expectations of the GREAT Act, and described how data standards can meet the business, organizational, technology design, programmatic, and economic objectives of the FIBF framework.

XBRL US Blogs & Videos

Videos: Data standards for reporting.

XBRL US posted 4 short (3-5 minute) videos to help government entities better understand data standards and how they might apply to governments with the implementation of the FDTA. Watch them on the FDTA section of our Legislation page.

Blog: Inconsistent bank regulation spells trouble for investors, by Campbell Pryde, President and CEO, XBRL US

Loopholes allow variation in how banks disclose financials. This is extremely problematic for equity investors looking to get a complete picture of the markets. This is the kind of regulatory fragmentation that the FDTA is designed to resolve. Read more.

Blog: Silicon Valley Bank losses hiding in plain sight, by Campbell Pryde, President and CEO, XBRL US

Silicon Valley Bank went bankrupt because of unrecognized losses on held-to-maturity securities that were greater than the bank’s equity. These losses started climbing as early as March of 2022. If the bank was forced to sell these securities and thus realize the loss, they would have negative equity. The losses were not reported on the income statement or balance sheet, but they were easily available in the notes to the financials, and they were conveniently tagged in XBRL format. Read more.

Upcoming XBRL US Steering Committee and Other Member Meetings

The Data Quality Committee’s (DQC) most recent meeting with the SEC was March 22, 2023. Read the highlights from that meeting. Get information about the DQC and register for the next meeting on July 6: https://xbrl.us/dqc.

The Domain Steering Committee will meet Tuesday, May 16, at 2PM ET. https://xbrl.us/events/dsc-230516 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, May 16, at 3 PM ET. https://xbrl.us/events/csc-230516 – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Wednesday, May 9, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, May 23, at 12:30 PM ET. (membership@xbrl.us for details)

XBRL US Members are encouraged to attend and get involved.

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.

Want to get as deep in the as-filed data as XBRL US Members? Request XBRL API provisioning with an organizational email address for a 10-day trial of full Member access to evaluate this benefit.

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 – $550/ 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.