February, 2024

Climate disclosure rule on the agenda for SEC Open Meeting. On Wednesday, March 6, 2024, during the Securities and Exchange Commission Open Meeting, the Commission will consider the proposed rule, “The Enhancement and Standardization of Climate-Related Disclosures for Investors“. The meeting will be webcast so be sure to check the SEC website on March 6 to listen. View the Agenda.

XBRL International and ClimateWorks host webinar, Advancing sustainability through digital reporting, March 18, 2024. Attend this session for a comprehensive view of how digital, machine-readable reporting can enhance efforts to reduce climate change. Get insights into the technical and non-technical side of data standards. Register today.

XBRL US DQC approves latest ruleset; SEC confirms that it will accept validations based on FASB XBRL US DQCRT. The Securities and Exchange Commission (SEC) draft EDGAR Filer Manual, to be finalized March 18, 2024, confirms that “EDGAR will accept validations based on FASB’s 2024 XBRL US Data Quality Committee Rules Taxonomy (DQCRT)“. The latest DQC Ruleset was published in February with an effective date of April 30, 2024.

SEC provides guidance on Filing Fee Exhibits in Inline XBRL. The Securities and Exchange Commission published new How Do I guidance on preparing inline XBRL filing fee exhibits (EX-FILING FEES). The Commission noted that filers using the Fee Exhibit Preparation Tool (FEPT) to prepare an Inline XBRL filing fee exhibit as part of EDGAR Link Online (ELO) should use the EDGAR Filing Fee Interface Guide (PDF, 1.2 mb), and that filers using XBRL should use the EDGAR XBRL Guide (Filing Fee Extract) (PDF, 0.5 mb). Important filing fee dates include:

  • January 31, 2024—Filers permitted to voluntarily file fee data in Inline XBRL.
  • July 31, 2024—Large Accelerated Filers required to submit fee data in Inline XBRL.
  • July 31, 2025—Compliance by all filers required, including certain investment companies that file registrations on Forms N-2 and N-14.

SEC publishes Regulatory Flexibity Agenda. The Agenda includes only those entries for which an RFA analysis is required. An analysis is required where there will be a significant impact on a large number of small reporting entities. Comments concerning the RFA agenda and on individual programs on the agenda must be submitted by March 11, 2024.

XBRL US publishes new white paper, California: Digital First Climate Data. The new paper and supporting fact sheet address the importance of data standards to support sustainability reporting. The paper focuses on California climate bills SB 253 and SB 261 which require companies over a certain revenue threshold that do business in the State of California to report greenhouse gas (GHG) emissions and other climate-related data, starting in 2026.

XBRL US Articles, White Papers, and Blogs

Blog Post: Ten tips & techniques for using the XBRL API.
David Tauriello, Vice President of Operations, XBRL US provides ten great ideas on how to improve your own productivity when working with the XBRL API. If you’re interested in accessing lots of highly granular, timely financial fundamental data, be sure to read this blog.

FASB Hosting webinar on “2024 GAAP and SEC Reporting Taxonomy Improvements and SEC Update“. The Financial Accounting Standards Board (FASB) announced that the webinar, to be held on Tuesday, April 2 from 1:30 – 3:00 PM ET, will feature a fireside chat with Christine Botosan, FASB Board Member, and Christine Cheng, Assistant Professor of Accounting at the Patterson School of Accountancy at the University of Mississippi. The program will be moderated by Brian Gale, Financial Economist, U.S. Securities and Exchange Commission (SEC) Office of Structured Disclosure and will cover:

  • The use of XBRL tagged financial statements in the academic and standards community.
  • An update from the SEC Office of Structured Disclosure staff on SEC taxonomies and observations on data quality.
  • Improvements from SEC Guidance Release Nos 33-11070; 34-95025 (includes annual reports for employee benefit plans for Form 11-K).
  • Overview of the 2024 Taxonomy Releases.
  • The 2024 DQC Rules Taxonomy and 2024 Meta Model Taxonomy.
  • Other technical updates to the 2024 Taxonomy, including Calculation 1.1.

Read the announcement: Registration Opens for April 2 FASB Webinar on 2024 GAAP and SEC Reporting Taxonomy Improvements and SEC Update (March 1, 2024)

Register to attend.

XBRL US Events

Webinar: FDTA: Entity and Security Identifiers, March 28, 2024 at 3 PM ET
The Financial Data Transparency Act (FDTA) calls for the use of “…common identifiers for collections of information reported to covered agencies or collected on behalf of the Council, which shall include a common nonproprietary legal entity identifier that is available under an open license for all entities required to report to covered agencies..” Attend this session to untangle the complicated landscape of entity and securities identifiers. Learn about the challenges and benefits to be gained from leveraging a single open identifier across regulatory frameworks. Speakers include:

  • Scott Preiss, Senior Vice President, Global Head – CUSIP, FactSet Research Systems, Inc.
  • Richard Robinson, Chief Strategist, Open Data and Standards, Bloomberg LP
  • Peter Warms, Business Development Manager, Global Legal Entity Identifier Foundation (GLEIF)
  • Moderated by Campbell Pryde, President and CEO, XBRL US

Register: https://xbrl.us/events/240328/

Data Quality Committee Meeting, March 14, 2024 at 10 AM ET
Get information and register to attend this meeting: https://xbrl.us/dqc

Webinar Replay: FDTA Impact on Municipal Bond Investors
Watch this 60-minute discussion with municipal bond investors for their views on what data they use, what kind of issuers they follow, and how access to digitized municipal bond issuer data could change how they work. Learn about their thoughts on the technology impact of data standards on the municipal marketplace.

Speakers:

  • Barnet Sherman, Senior Managing Partner, Tenbar Capital
  • Jamie Richardson, Managing Director of Research, Municipals, Fidelity Investments
  • Triet M. Nguyen, Vice President, Strategic Data Operations, DPC DATA
  • Justin Land, CEO, AG Analytics LLC

Watch and listen to replay: https://xbrl.us/replay

XBRL US Member Meetings

The Domain Steering Committee will meet Tuesday, March 19, at 2 PM ET. https://xbrl.us/events/dsc-240319/ – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, March 19, at 3 PM ET. https://xbrl.us/events/csc-240319/ – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, March 12, at 3 PM ET. (membership@xbrl.us for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, March 26, at 12:30 PM ET. (membership@xbrl.us for details)

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, March 13, at 4 PM ET. (membership@xbrl.us for details)

The next meeting of the Academic Subcommittee will meet on Monday, April 8, at 1 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 – $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.

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