July 2023 Newsletter

July 2023

XBRL US announced GovFin 2023: Empowering Governments, Modernizing Reporting, to be held in Washington, DC on November 9, 2023.

This one-day conference features speakers from the Data Foundation, the Federal Energy Regulatory Commission (FERC), the Global LEI Foundation (GLEIF), the Municipal Securities Rulemaking Board (MSRB), the Securities and Exchange Commission (SEC), The Cato Institute, Truth in Accounting, the University of Denver, the University of Michigan Center for Local State and Urban Policy (CLOSUP), and Wayne County, Michigan. Topics that will be addressed include Automating State and Local Government Reporting, U.S. Legislative Landscape for Standardized Data Reporting, Life Lessons from Regulators, and more.

Read the announcement. See the agenda and register.

IFRS Foundation published the IFRS Sustainability Disclosure Taxonomy. The newly released taxonomy includes disclosure requirements for IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, both issued in June 2023. The comment period is open until September 26, 2023. Learn more about the comment period and how to respond. The International Sustainability Standards Board (ISBB) is hosting a webinar on August 3, 2023 to discuss the taxonomy, its role and design.

Read more about the webinar and registration.

SEC finalizes rule on Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure. The final rule requires periodic disclosures concerning a registrant’s processes to assess, identify, and manage material cybersecurity risks, management’s role in assessing and managing material cybersecurity risks, and the board of directors’ oversight of cybersecurity risks. The cybersecurity disclosures are required to be presented in Inline XBRL. Structured disclosure requirements are required to be implemented one year after initial compliance with the related disclosure requirements.

Read the fact sheet.

SEC published the draft Share Repurchase Taxonomy (SHR). The draft 2023 SHR Taxonomy will support the SEC final rule on Share Repurchase Disclosure Modernization, which requires issuers to tag information disclosed pursuant to Items 601 and 703 of Regulation S-K, Item 16E of Form 20-F, Item 14 of Form N-CSR, and Form F-SR in Inline XBRL. The final amendments require 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.

A draft version of the SHR taxonomy and taxonomy guide have been posted, and the files are available at https://www.sec.gov/structureddata/
dera_taxonomies. Comments are being accepted by StructuredData@sec.gov until September 8, 2023.

SEC published final rule for Money Market Reforms. The SEC amendments to rules related to money market funds require funds to prepare Form N-CR in custom XML format.

Read the fact sheet.

The SEC published a Proposed Collection; Comment Request for Rule 17g-1 and Form NRSRO. Comments will be accepted during a 60-day public review period.

The Data Quality Committee (DQC) approved the 21st version of its rules and started public review for version 22. Eight new and one updated rule are now part of 114 automated checks every public company should use prior to submitting financial reports to the SEC. Several DQC rules are part of the US GAAP Taxonomy and are processed by the SEC during the submission process. The Public Review period for version 22 ends August 31 – get details, test and comment on the rules.

XBRL US White Papers and Blogs

Blog Post: Tangible benefits of data standards for business and regulators

XBRL US published a case study on the Standard Business Reporting (SBR) program in the Netherlands. The report was prepared by Campbell Pryde, CEO of XBRL US, and John Turner, CEO of XBRL International. The case study provides insights into the kind of business-to-government reporting that agencies involved in implementing the Financial Data Transparency Act (FDTA) would find helpful as they plan the FDTA program.

Read the post.

White Paper: Data Standards and the Financial Data Transparency Act (FDTA)

This paper, sponsored by Donnelley Financial Solutions (DFIN) explores the current state of data management and provides a roadmap to meet the FDTA requirements. The 400+ data sets collected by covered FDTA agencies 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 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.

Upcoming XBRL US Steering Committee and Other Member Meetings

The Data Quality Committee will meet Thursday, October 5, at 9 AM ET. Details and registration soon – https://xbrl.us/dqc.

The Domain Steering Committee will meet Tuesday, August 15, at 2 PM ET. https://xbrl.us/events/dsc-230718 – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, August 15, at 3 PM ET. https://xbrl.us/events/csc-230718 – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, August 8, at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, August 22, at 3 PM ET. (membership@xbrl.us for details)

XBRL US Members are encouraged to attend and get involved.

XBRL Data Community – Request XBRL API provisioning with an organizational email address for a 10-day trial of full access to evaluate this benefit.

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. Need a different time? Schedule an appointment online.

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.