September 2023 
New speakers and sessions added to GovFin 2023: Empowering Governments, Modernizing Reporting, to be held in Washington, DC on November 9, 2023. Barnet Sherman, Founder, Senior Managing Partner, The Tenbar Group; Professor at Boston University; and Senior Contributor to Forbes.com, will share insights into the future of the municipal bond market and the impact of the FDTA on municipal bond investors and analysts.
Separately, the Global Head – CUSIP, FactSet Research Systems will join a panel with the Global LEI Foundation and Bloomberg LLP to discuss legal entity and securities identifiers, why they’re needed and the pros and cons of different identifiers used today. See the agenda and register.
Get data from the XBRL API in your browser. Any logged in visitor has access to near-real-time standardized data from the sources we currently monitor (SEC, FERC and ESEF). We’ve posted a couple of sample report and fact queries to the Data Community page so you can help colleagues get a taste of the potential across and within these commingled sources, and any valid query works as well.
Request XBRL API provisioning with an organizational email address for a 10-day trial of full access to evaluate the depth and breadth of data in your favorite programming language or spreadsheet application.
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.
SEC, MSRB, and FINRA announced plans for a virtual compliance outreach program. The program aims to give municipal market participants the opportunity to learn about regulatory and compliance matters for municipal advisors and dealers and will be hosted by the Securities and Exchange Commission (SEC) Office of Municipal Securities, Municipal Securities Rulemaking Board (MSRB) and Financial Industry Regulatory Authority (FINRA). The webcast is open to the public and will take place on December 7, 2023, from 10AM to 4:30 PM ET. Questions can be submitted in advance. Read the announcement and register to attend.
SEC final rule on Investment Company Names published with XBRL requirements. The rule calls for enhanced prospectus disclosure requirements pertaining to the terminology used in fund names as well as additional reporting on Form N-PORT regarding compliance with the names-related regulatory requirements. It requires funds to tag most of the new disclosures using Inline XBRL. The rule is effective 60 days after publication in the Federal Register.
SEC proposed rule on EDGAR Next published for public exposure. The Securities and Exchange Commission (SEC) published the proposed rule EDGAR Filer Access and Account Management which calls for amendments to access and management of accounts in the EDGAR system, referred to as EDGAR Next. Comments to this proposal are due November 21, 2023.
XBRL US supported the proposed IFRS Sustainability Disclosure Taxonomy by responding to a survey prepared by the IFRS Foundation. Read the feedback from XBRL US in our survey responses: XBRL US Comment on IFRS Sustainability Disclosure Taxonomy.
SEC proposed a new rule, Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities, to provide a tailored form to register offerings of registered index-linked annuities (RILA). The proposal would amend Form N-4 which is currently used by most variable annuity accounts, to require issuers to register offerings on that form as well. The proposal would require issuers to XBRL tag certain information disclosed in their prospectuses and the contract’s statement of additional information (SAI) in Inline XBRL format. Comments are due 30 days after publication in the Federal Register or on November 28, 2023, whichever is later.
FASB issued proposed technical improvements for the 2024 GAAP Taxonomy. The FASB staff issued Proposed Technical and Other Conforming Improvements for the 2024 GAAP Taxonomy File Reference No. 2024-2500 for a comment period ending on November 1, 2023.
Comments can be submitted 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 File Reference No. 2024-2500, which is indicated on the cover of the proposed release notes.
XBRL US Events
Webinar Replay: Government Reporting & the FDTA – Florida, Michigan, Utah
Hear the Financial Administrator in the Florida Department of Financial Services, explain the status of their XBRL program. Learn from the Deputy State Auditor in Utah about the importance of government financial data and their interest in obtaining standardized machine-readable data. Find out from the Fiscal Health Project Lead at the University of Michigan about the Michigan program to explore machine-readable data for local governments and why better, more timely data is so important for public policy.
Watch the replay:https://xbrl.us/events/230918/
Conference: GovFin 2023 – Empowering Governments, Modernizing Reporting, November 9, 2023
Join government finance officers, regulators, accountants and technologists, at this one-day program on how federal, state and local government reporting is becoming more timely, transparent and efficient. Hear from keynote Mark Funkhouser, former Kansas City, MS Mayor, as well as speakers from other public sector organizations including Bloomberg LLP; Data Foundation; Federal Energy Regulatory Commission (FERC); Global LEI Foundation; Governmental Accounting Standards Board (GASB); Municipal Securities Rulemaking Board (MSRB); the State of Ohio; Wayne County, MI; U.S. Department of Education; Securities and Exchange Commission (SEC) (representatives from both the Office of Municipal Securities, and Office of Structured Disclosure); and more.
Review the agenda and register: https://xbrl.us/events/govfin23/
XBRL US White Papers and Blogs
Blog Post: SEC Can Look to States for Municipal Finance Standardization Ideas
Marc Joffe, Senior Policy Analyst at The Cato Institute, notes that the Financial Data Transparency Act (FDTA) promises to provide municipal bond investors with standardized financial data for counties, cities, and special districts that issue debt securities. While some municipal market leaders have expressed concerns about the ability of local governments to comply, they can rest assured by looking at state-level reporting systems: local governments in eighteen states are already providing fielded financial statement data to a state auditor, controller, or treasurer.
Read the post.
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, 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 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 must work 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 may 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 met Thursday, October 5: Read the agenda.
The Domain Steering Committee will meet Tuesday, October 17, at 2 PM ET. https://xbrl.us/events/dsc-231017 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, October 17, at 3 PM ET. https://xbrl.us/events/csc-231017 – all XBRL US Members are invited to attend
The Regulatory Modernization Working Group will meet Tuesday, October 10, at 3 PM ET. (membership@xbrl.us for details)
The Standard Government Reporting Working Group will meet Tuesday, October 24, at 12:30 PM ET. (membership@xbrl.us for details)
The XBRL Technical Advisory Committee (XTAC) will meet Wednesday, October 11, at 4 PM ET. (membership@xbrl.us for details)
The Academic Subcommittee will meet Tuesday, October 10, at 10 AM ET. (membership@xbrl.us for details)
XBRL US Members are encouraged to attend and get involved.
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