June 2024 Newsletter

June, 2024

Colorado, Connecticut, Pennsylvania, Ohio, Utah, and Virginia to address FDTA topics at GovFin 2024: Municipal Reporting Workshop, New York, NY, July 29-30, 2024. The 1 ½ day conference will address diverse topics including navigating the MSRB EMMA system, building taxonomies to represent bond issuance disclosures, and innovating with technologies like artificial intelligence to maximize efficiencies.

See the complete agenda and register: https://xbrl.us/govfin24

SEC Semi-Annual Report to Congress for June 2024 published. The Securities and Exchange Commission (SEC) published its Semi-Annual Report to Congress for June 2024. New information since the last report includes additional Commission rulemaking releases adopting structured data tagging requirements; the setting aside of the SEC Share Repurchase rule that had structured data tagging requirements; and updated statistics in the analysis of the costs and benefits of the use of machine-readable data.

SEC custom tag rate analysis shows decline in extension use on annual financials by most public companies. The Securities and Exchange Commission (SEC) published an analysis of custom tag rates which found a decline in average custom tag rates for filings 10-K and 10-K/A in 2023 compared to 2022 across all filer status except the accelerated filer category, for which the rate remains flat.

SEC EDGAR System upgraded to Release 24.2. The new release now supports the IFRS Taxonomy 2024 and the Security-Based Swap (SBS) taxonomy. A new version of the Filing Fee Disclosure (FFD) taxonomy is also added as part of Release 24.2.

As part of the EDGAR system upgrade to Release 24.2, the 2022 versions, including quarterly releases, of certain taxonomies will no longer be accepted in the EDGAR system. See a complete listing of supported standard taxonomies.

Swaps Based Securities (SBS) Taxonomy finalized and published by SEC. The Securities and Exchange Commission (SEC) published the final SBS Taxonomy which can be found here. The Commission also published illustrative sample documents in advance of the EDGAR 24.2 release, which will incorporate the final SBS taxonomy into EDGAR.

The SEC published the draft Cybersecurity Disclosure (CYD) Taxonomy. The CYD Taxonomy was developed to support the final rule, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure. Taxonomy files are included here. Comments on this taxonomy can be submitted through August 23, 2024.

XBRL US Events

Get Ready for Fee Based Filing Payments Modernization, July 11, 2024, 2 PM ET
Compliance dates for new Securities and Exchange Commission (SEC) requirements related to the Filing Fee Disclosures and Payments Method Modernization rule start soon and will affect numerous reporting entities and many SEC form submissions. Hear directly from the SEC’s Todd Canali of the EDGAR Business Desk, and Mark Green of the Office of Corporation Finance on the rationale behind the rule and technical issues that registrants may encounter. Find out how to XBRL tag submissions, find out how to work with the SEC’s new Fee Exhibit Preparation Tool (FEPT), manage footnotes, and discover guidance information available to help. Register: https://xbrl.us/events/240711/

Preparing for Digital, Machine-readable Climate Reporting: Impact on Business, July 16, 2024, 1:00 PM ET
Global climate-reporting mandates call for data to be reported in structured XBRL format to improve data integrity, increase interoperability, and reduce reporting burden. Attend this 90-minute session to learn about XBRL and assurance requirements in non-US and US markets, including state initiatives in California, New York, and Illinois. Find out why investors are demanding climate-related data and how they use it. Speakers join from the AICPA, the London Stock Exchange (LSEG), FactSet, XBRL International and XBRL US. Register to attend: https://event.on24.com/wcc/r/4611087/
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XBRL US Meetings

Data Quality Committee
The next Committee meeting will be held Wednesday, September 24 at 1 PM EDT. Look for details soon and review prior meeting details https://xbrl.us/dqc

The Domain Steering Committee will meet Tuesday, July 16, at 2 PM EDT. https://xbrl.us/events/dsc-240716/ – all XBRL US Members are invited to attend

The Communications Steering Committee will meet Tuesday, July 16, at 3 PM EDT. https://xbrl.us/events/csc-240716/ – all XBRL US Members are invited to attend

The Regulatory Modernization Working Group will meet Tuesday, July 9, at 3 PM EDT. (membership@xbrl.us for details)

The XBRL US Standard Government Reporting Working Group will meet Tuesday, July 23, at 12:30 PM EDT. (membership@xbrl.us for details)

The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, July 10, at 4 PM EDT. (membership@xbrl.us for details)

The next meeting of the Academic Subcommittee will meet on Monday, August 5, at Noon EDT. (membership@xbrl.us for details)

XBRL US Members are encouraged to attend and get involved.

XBRL US Articles, White Papers, and Blogs

Blog Post: Defining Success for the FDTA – The standardization of regulatory requirements called for in the FDTA is of critical importance to us all. Why? Campbell Pryde, XBRL US CEO discusses the key ingredients to success FDTA: reduced cost, flexibility, and better data, and how these goals can be met. His post also addresses successful standards programs like railroad tracks, shipping containers and the UPC code, and the objections that they ultimately overcame. Many of these objections are the same ones we hear about the FDTA today. Read: https://xbrl.us/defining-fdta-success/

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/

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.