May 2023 Newsletter

May 2023

XBRL US publishes white paper, “Data Standards and the FDTA”, sponsored by Donnelley Financial Solutions (DFIN). The paper explores the current state of data management among agencies and provides a roadmap to meet the achievable goals laid out in the FDTA. It describes the current state of 400+ data sets collected by covered FDTA agencies which are prepared in a variety of formats, including PDF, text, HTML, Word, XML, and XBRL. Most are not machine-readable or interoperable, and cannot be easily located, inventoried, or stored. Identifiers are not consistently applied which makes it nearly impossible to effectively evaluate risk. Reporting entities face duplicate reporting, and confusion in contending with numerous forms. Preparers and consumers are faced with lengthy technical documentation on how to report and use data, with no linkage between the data reported and the semantic data model.

The paper describes what FDTA success looks like and addresses alternatives to data standards that might be considered. It provides a roadmap on how to achieve its goals by standing up a long-term data standards program. Download the paper. Read the Executive Summary.

XBRL US comments on SEC proposal for Cybersecurity Risk Management. The SEC proposal which impacts Broker-Dealers, Clearing Agencies, Major Security-Based Swap Participants, the Municipal Securities Rulemaking Board, National Securities Associations, National Securities Exchanges, Security-Based Swap Data Repositories, Security-Based Swap Dealers, and Transfer Agents, calls for cybersecurity incidents to be reported in custom XML. Our letter urges the Commission to require XBRL as an approach that would be more efficient and cost-effective, and which would be consistent with other SEC proposals on cybersecurity that are under consideration today.

SEC publishes draft Open-End Fund (OEF) Taxonomy for public review. The taxonomy and taxonomy guide files are available at https://www.sec.gov/structureddata/
dera_taxonomies. Sample filings using the draft OEF taxonomy can be found at https://xbrl.sec.gov/oef/2023/
oef23-samples-2023-05-02.zip. Comments must be received by June 5, 2023.

FASB requests comments on GAAP Taxonomy Improvements on stock compensation. The Financial Accounting Standards Board (FASB) staff have issued for comment proposed GAAP Taxonomy Improvements for an Update on Stock Compensation (Topic 718): Scope Application of Profits Interest Awards. Read the Release Notes.

The comment period on the proposed GAAP Taxonomy Improvements for the proposed Update ends on July 10, 2023. Interested parties may provide comments on the proposed GAAP Taxonomy Improvements by sending their comments to xbrled@fasb.org.

SEC reopens 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 announcement. XBRL US had previously submitted a comment letter on the original proposal.

SEC final rule published on Amendments to Modernize Share Repurchase Disclosure. The requirements require tabular disclosure of repurchase activity aggregated on a daily basis, and disclosed either quarterly or semi-annually. The final amendments require detailed tagging of the quantitative amounts disclosed within the required tabular disclosures and block text tagging and detailed tagging of required narrative and quantitative information.

XBRL US comments on GSA RFI on grants reporting and the GREAT Act. In response to an RFI on the Federal Integrated Business Framework (FIBF) Information Management Toolset, published by the General Services Administration (GSA), XBRL US submitted a comment letter emphasizing the importance of proper implementation of data standards as the optimal long-term solution to meet the expectations of the Grants Reporting Efficiency and Transparency (GREAT) Act. The FIBF Framework is part of the implementation of the GREAT Act, which aims to bring data standards into the grants reporting process for improved efficiency and reduced burden.

Our letter 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.

Two new XULE online learning modules added to support regulators and developers. These additional free 20-minute modules focus on the open source XBRL processing syntax used for creating, rendering, checking and analyzing reports. XULE Overview frames use cases for implementation and XULE Syntax and Basic Filtering includes guided practice examples. More programs will be developed in the coming months.

XBRL Data Community – Live Support
Anyone can use this Google Meet link on Mondays between 3:30 and 4:30 PM ET (excluding Federal holidays, June 5 and June 12) 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.

Upcoming XBRL US Steering Committee and Other Member Meetings

The Data Quality Committee (DQC) will meet on July 6. Get information about the DQC and register for the next meeting: https://xbrl.us/dqc.

The Domain Steering Committee will meet Tuesday, June 20, at 2PM ET. https://xbrl.us/events/dsc-230620 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, June 20, at 3 PM ET. https://xbrl.us/events/csc-230620 – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, June 27, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, June 27, 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 – $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.