Legislative and Regulatory News
XBRL US News
About XBRL US and Membership
Legislative and Regulatory News
Federal Energy Regulatory Commission Publishes Proposal to Require XBRL for Utilities Reporting
The Federal Energy Regulatory Commission (FERC) posted a proposal to require the use of XBRL for reporting Commission Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 for utilities. The proposal is out for a 30 day comment period which ends March 6, 2019.
Open Government Data Act Passed
On January 14, 2019, the Open (Open, Public, Electronic and Necessary) Government Data Act, which is Title II of HR 4174, Foundations for Evidence-based Policymaking Act of 2018, was signed into law. The goal of the Act is to improve data portability, openness, and transparency without specifying certain formats or technology. It defines open data, creates minimal standards for making federal government data available to the public, requires the federal government to use open data to improve decision making, ensures accountability by requiring regular oversight, and establishes and formalizes Chief Data Officers (CDO) at federal agencies who will have data governance and implementation responsibilities.
GREAT Act Passes the U.S. House of Representatives
On January 17, 2019, the GREAT Act (H.R. 150) unanimously passed the House of Representatives in the 116th Congress. The GREAT (Grants Reporting Efficiency and Agreements Transparency) Act calls for the creation of a comprehensive and standardized data structure (“taxonomy”) covering all reported federal grant and assistance data.
Read the bill: https://www.congress.gov/bill/116th-congress/house-bill/150
Federal Energy Regulatory Commission Issues RFP for XBRL Solution
On February 22, 2019, the Federal Energy Regulatory Commission (FERC) published an RFP to replace their current VFP Forms and applications with a technical XBRL solution that allows filers to file in a system that uses XBRL and to allow Commission staff to update taxonomies, filing, and reporting requirements for these Forms independent of IT resources. Responses are due by March 22, 2019.
XBRL US News
SEC Comment Letter on Proposed Collection of Interactive Data
XBRL US submitted a comment letter responding to the SEC request on the Proposed Collection of Interactive Data. The letter points out that access to interactive data enhances the Commission’s ability to monitor companies and perform analysis, reduces the cost of analysis for investors and analysts, and streamlines and improves efficiencies (reduces cost) in data processing.
XBRL US Publishes CAFR Demonstration Release, Holds Webinar Jointly with NASACT
XBRL US published a Demonstration Release Taxonomy representing selected portions of the Comprehensive Annual Financial Report (CAFR) used by state and local governments to report financial data. The taxonomy was developed by the XBRL US State and Local Government Disclosure Modernization Working Group. A 60-day public review period is being held which will close on March 18, 2019. The webinar features speakers from the state of Utah and McHenry County, Illinois and the National Association of State Auditors, Comptrollers and Treasurers (NASACT).
Read the release: https://xbrl.us/news/cafr-demonstration-taxonomy-published/
OMB Comment Letter on President’s Management Agenda, Draft Federal Grants Management Data Standards
XBRL US submitted a comment letter and provided feedback on 426 standardized concepts in response to the President’s Management Agenda Draft Federal Grants Management Data Standards for Feedback. The Results-Oriented Accountability for Grants Cross Agency Priority Goal Team is soliciting feedback on these standards to develop and implement core grants management data elements and modernize information technology solutions. The goal of the program is a future state where grants data are interoperable, there are fewer internal and public-facing grants management systems, and Federal awarding agencies and recipients leverage data to successfully implement a risk-based, data-driven approach to managing Federal grants.
Comment Letter to FERC Submitted on Use of XBRL for Forms Reporting
XBRL US has submitted a comment letter responding to the Federal Energy Regulatory Commission (FERC) proposal to require the use of XBRL for reporting Commission Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714 for utilities. The Commission proposal sought input first, on whether the XBRL standard should be chosen versus a custom XML implementation, and second, on the accuracy of the burden estimates provided in the proposal, and any recommendations on how to reduce the burden on reporting entities.
Data Quality Committee (DQC) Approved and Published 8th Release
In February, the XBRL US Data Quality Committee (DQC) finalized, approved, and published its 8th release of freely available rules and guidance, which includes 2 new validation checks for filings prepared using the IFRS or US GAAP Financial Reporting Taxonomy. DQC rules and guidance are used by issuers to identify and correct errors in their SEC filings. All approved rules and guidance are free and publicly available.
Upcoming Webinars from XBRL US
The XBRL API: Updates, Enhancements & New Excel Template
The XBRL API (Application Program Interface)is a set of endpoints that allows developers and data utilities, with limited XBRL knowledge, to learn a single interface to access data from any database that contains XBRL data, including the XBRL US Database of Public Filings. Read version 1.3 of the documentation to learn about the new label endpoint and footnote options for fact queries. Browse the XBRL Data Community page to download a new template for Microsoft Excel users.
Recent Point of View Topics
Ez-XBRL, Touro College and the Reason Foundation jointly publish VIRGINIA LOCALITIES FISCAL PERFORMANCE REPORT – JANUARY 2019, which analyzes the fiscal health of Virginia municipalities and recommends that CAFRs be produced using financial data standards such as Inline XBRL.
Read the full report: https://xbrl.us/wp-content/uploads/2019/01/Virginia-Fiscal-Health-Report-2018.pdf
Register to Attend XBRL US Data Quality Committee Meeting, April 23, at 9 AM ET
At this meeting, industry leaders will participate in discussions and plans for developing guidance and rules for use by public companies complying with the XBRL requirements of the US Securities and Exchange Commission.
Get information about the Committee and register to attend: https://xbrl.us/dqc
Upcoming XBRL US Steering Committee Meetings
Upcoming XBRL US Meetings: https://xbrl.us/membership
XBRL US Members are invited to attend and get involved. Email firstname.lastname@example.org for details.
About XBRL US and Membership
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. This organization recently joined XBRL US:
Not yet an XBRL US member? Maybe it’s time to consider joining XBRL US for yourself ($55 – $500/ year) or your organization (fees vary). Find out more about the benefits of membership and how to become involved by visiting https://xbrl.us/benefits.
About Data Quality
SEC filers should all use freely available, Data Quality Committee rules to identify and resolve errors in XBRL-formatted financials for more consistent, better quality data.