XBRL US Data Quality Committee (DQC) 20th Rule Set includes rules for Business Development Companies (BDC) and public companies. BDCs have just begun reporting financials in XBRL format for the first time this year, and the DQC is now preparing rules to help these new filers identify potential issues before their financials are submitted to the SEC EDGAR System. Two new rules were developed specifically for BDCs, although BDC issuers can take advantage of many other rules developed for public companies because they use the same US GAAP Taxonomy. The 20th Rule Set is out for public comment until December 31, 2022 and the DQC is holding a free webinar on December 14 to present the draft rules and show issuers how they can test them on their own financials.
FERC announced March 31, 2023 effective date for FERC Taxonomy Version 2023-01-01. The latest release, used with FERC Forms Nos. 1, 1-F, 2, 3-Q electric, 3-Q natural gas, 6, 60, and 714 will be updated to Version 2023-01-01, is effective for the first quarter 2023 forms. Read the announcement.
FASB proposed Financial Services – Investment Companies Taxonomy Implementation Guide. The proposed Guide, Financial Services—Investment Companies (Including SEC S-X Schedules for Business Development Companies includes examples to help users of the Taxonomy understand how the modeling for the reporting by investment companies is structured within the Taxonomy. Comments must be submitted by December 14, 2022 by emailing firstname.lastname@example.org. Include File Reference Number 2023-2550 on submitted comments.
FASB proposed improvements for the 2023 GAAP Taxonomy Reference Project. The comment period for this proposal has closed. Read the release notes.
XBRL US Events
Webinar: DQC Rules for BDCs and Public Companies – Rule Set 20, December 14, 3 PM ET
This year, Business Development Companies (BDC) began preparing their financials in XBRL format for the first time to comply with new rules established by the Securities and Exchange Commission (SEC). BDCs use the US GAAP Financial Reporting Taxonomy to prepare their financials and many existing DQC rules for US GAAP filers also now apply to BDCs. BDCs and corporate issuers should attend this free, 60-minute webinar to learn about rules in the proposal stage that can be used to improve the quality of reported data. Register: https://xbrl.us/events/221214/
Webinar Replay: Variable Annuity & Life Insurance Cos – Get the Skill Set for XBRL
Compliance requirements with XBRL will start for the first time for variable annuities early next year. Get specifics about the SEC rule, learn how to XBRL format the N3, N4, and N6, and discover how workflow will change. Watch the replay: https://xbrl.us/events/221115/
Webinar Replay: FASB Meta Model Invitation to Comment and Proposed Policy Election Element Relationships
Learn from FASB about proposed changes to the US GAAP Taxonomy to reflect policy election element relationships, and meta model relationships. Watch the replay: https://xbrl.us/events/221102/
Upcoming XBRL US Steering Committee and Other Member Meetings
The next Data Quality Committee will be held on Wednesday, January 25, 2023. Get information about the Committee and register to attend: https://xbrl.us/dqc.
The Domain Steering Committee will meet Tuesday, December 20, at 2PM ET. https://xbrl.us/events/dsc-221220 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, December 20, at 3 PM ET. https://xbrl.us/events/csc-221220 – all XBRL US Members are invited to attend
The Regulatory Modernization Working Group will meet Tuesday, December 13, at 3 PM ET. (email@example.com for details)
The Standard Government Reporting Working Group will meet Tuesday, December 27, at 12:30 PM ET. (firstname.lastname@example.org 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 – $525/ 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.