May 2024 Newsletter

May, 2024

New sessions added to XBRL US GovFin 2024: Municipal Reporting Workshop, New York, NY, July 29-30, 2024. The 1 ½ day conference, hosted by PwC at 300 Madison Avenue, will address the implications of the Financial Data Transparency Act (FDTA) on municipal bond market stakeholders. New sessions confirmed include:

• Artificial intelligence and government data. Featuring the Chief Economist from the State of Utah and professors from Carnegie Mellon University and Rutgers Business School, presenting machine-learning case studies with government reported data.
• Regulator use of government data: grants, financials and more. Featuring speakers from the U.S. Census, and the U.S. Department of Education.
• Navigating municipal bond data in EMMA. Will address how use of the Legal Entity Identifier and data standards can improve the ability to search on obligor, issuer, and other characteristics of muni bonds. Featuring speakers from DAC Bond and DPC DATA.

To date, other speakers are confirmed from Columbus, Ohio; Eide Bailly LLP; FASB; Funkhouser & Associates; GASB; GFOA; Hawkins Delafield & Wood LLP; NASACT; Nutshell Associates; PwC; Rutgers Business School; the SEC Office of Municipal Securities; SEC Office of Structured Disclosure; The Cato Institute; Virginia Housing Authority; University of Denver; University of Michigan; and more.

Learn more and register: https://xbrl.us/govfin24

XBRL US comments on SEC draft Swaps-Based Securities (SBS) Taxonomy. The XBRL US comment letter provided input on the taxonomy which was developed to support the final rule for Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities. The letter provided technical suggestions related to standard labels, documentation labels, and element names.

XBRL US comments on SEC Data Collection: Rule17g-c Annual Financial Reports for NRSROs. In its letter, XBRL US encouraged the SEC to require documents be prepared in Inline XBRL format to align with requirements of the Financial Data Transparency Act (FDTA), to leverage the experience that NRSROs already have with XBRL preparation of credit ratings actions, and to generate structured, machine-readable data. XBRL US also encouraged the SEC to require reporting entities to obtain and use the Legal Entity Identifier for NRSRO reporting, and made recommendations related to NRSRO rules 17g-7, and 17g-1.

XBRL US comment on SEC Draft DMDR Taxonomy. The DMDR taxonomy was developed to support the new rule which requires registered SBSEFs to publish Daily Market Data Reports on their websites using a custom XML schema and PDF renderer, which the Commission will make available on its website. The XBRL US comment letter encouraged the SEC to require data to be reported through the EDGAR system to encourage timeliness and ease of access to the data.

XBRL US Events

Webinar: FERC – How Regulators Use Technology to Improve Efficiency, July 10, 3 PM ET.

Regulators worldwide are adopting data standards for improved efficiency, accountabilty, and ease of data collection. Attend this 60-minute session to hear from the FERC’s Energy Industry Analyst, Robert Hudson, about the Commission’s path to data standards and the successes they have recognized in the 3 years since the implementation first began. Other speakers include Deloitte Consulting LLP and XBRL US. Learn more about the program and register: https://xbrl.us/events/240710

Webinar Replay: SEC Rule – Tailored Shareholder Reports for Mutual Funds and ETFs.
The Securities and Exchange Commission’s (SEC) final rule for Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements adopts amendments for annual and semi-annual shareholder reports from mutual funds and exchange-traded funds to highlight key information for shareholders. The rule also requires that funds tag their reports using Inline XBRL to provide machine-readable data that retail investors and other market participants may use to access and evaluate investments more efficiently.

Watch this replay to learn about the structured data requirements of the rule, how fund workflow can be expected to change, and how to prepare a Tailored Shareholder Report in structured, machine-readable format. Hear speakers from the Securities and Exchange Commission, Division of Investment Management; Broadridge Financial Solutions, Inc.; Donnelley Financial Solutions (DFIN); Novaworks, LLC; NeXtBRL; and Toppan Merrill.

Learn more about the program and register: https://xbrl.us/events/240515/

XBRL US Meetings

Data Quality Committee
The next Committee meeting will be held Thursday, June 27 at Noon EDT. Get details and register: https://xbrl.us/dqc

The Domain Steering Committee will meet Tuesday, June 18, at 2 PM ET. https://xbrl.us/events/dsc-240618/ – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, June 18, at 3 PM ET. https://xbrl.us/events/csc-240618/ – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, June 11, at 3 PM ET. (membership@xbrl.us for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, June 27, at 12:30 PM ET. (membership@xbrl.us for details)

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, June 12, at 4 PM ET. (membership@xbrl.us for details)

The next meeting of the Academic Subcommittee will meet on Monday, May 6, at 1 PM ET. (membership@xbrl.us for details)

XBRL US Members are encouraged to attend and get involved.

XBRL US Articles, White Papers, and Blogs

Blog Post: Stay Within the Guardrails for Successful Data Quality

Since 2015, the Data Quality Commitee (DQC) of XBRL US has been creating freely available validation rules that provide clearly defined guardrails for corporate issuers to follow. The automated standardized rules give issuers the tools to identify and resolve inconsistencies and inaccuracies in their filings so that consistent, high quality financials can be produced from their XBRL data. Hear from Campbell Pryde, President and CEO of XBRL US on the DQC ingredients for success: standardization and attention to detail, ease-of-use, and the most critical component – collaboration across the industry. Read: https://xbrl.us/guardrails.

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.

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.