August, 2024
XBRL US Conference, Digital Reporting for Measurable Results: Climate, Corporate, Government Announced for November 14 in Washington, DC. The one-day conference will address the expanding demand for digital regulatory reporting of climate and financial data by corporations and governments in the United States, through programs such as the Financial Data Transparency Act (FDTA), and climate mandates in the U.S., Europe, and other IFRS reporting countries. The conference will be hosted by KPMG at their offices at 1801 K Street NW, in Washington, DC. Speakers have been confirmed to date from the Securities and Exchange Commission, Office of the Chief Data Officer; the Global LEI Foundation; FactSet; the Data Foundation; the International Sustainability Standards Board (ISSB); and XBRL International, among others. Learn more and register.
Comment period for the FDTA Rule set to end October 21, 2024. The Financial Data Transparency Act (FDTA) which covers nine agencies: the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Commodity Futures Trading Commission (CFTC), the National Credit Union Administration (NCUA), the Federal Housing Finance Agency (FHFA), U.S. Treasury, the Federal Reserve, the Securities Exchange Commission (SEC), and the Office of the Comptroller of the Currency (OCC), was published to the Federal Register which started the clock ticking for the 60-day comment period.
Carbon Accountable published CA SB 253: A Regulations Roadmap, and recommends Inline XBRL for California climate reporting. Carbon Accountable, a climate data policy initiative focused on corporate transparency in greenhouse gas (GHG) emissions reporting, published the paper which aims to demonstrate the feasability of adopting regulations and implementing SB 253 expeditiously. The bill, Climate Corporate Data Accountability Act (SB 253) was signed into law in 2023. It requires public and private companies that do business in the State of California and have total annual revenues in excess of $1,000,000 to publicly disclose GHG emissions, Scope 1, 2, and 3, to an emissions reporting organization, the California Air Resources Board (CARB).
In July 2024, California Governor Newsom proposed a trailer bill that would have delayed SB 253 requirements by two years. On August 31, 2024, the California state legislature passed Senate Bill 219 which proposes amendments to SB 253 which would extend the deadline for rulemaking from January 1, 2025 to July 1, 2025, a six month delay versus the two year delay proposed by the trailer bill. Governor Newsom has until September 30, 2024 to sign or veto SB 219.
The Carbon Accountable paper provides the steps to successful, timely implementation, and under Subarticle 3. Greenhouse Gas Emissions Reporting Requirements, notes, “Reporting entities shall ensure GHG emissions information is electronically tagged in Inline XBRL to maximize international alignment for streamlined submissions.”
The FASB published a request for comment on the proposed 2025 DQC Rules Taxonomy (DQCRT). The Financial Accounting Standards Board (FASB) announced that they had issued the proposed 2025 Data Quality Committee Rules Taxonomy (DQCRT), which focuses on the XBRL US Data Quality Committee’s (DQC) validation rules for regulator use. The proposed 2025 DQCRT would add 14 additional DQC rules. Read the Release notes. Comments must be received by October 7, 2024.
XBRL US commented on the proposed IFRS Taxonomy Update 2024. The comment letter in response to the consultation on the Proposed IFRS Taxonomy Update 2024: IFRS 18 Presentation and Disclosure in Financial Statements, provided input to the proposed update related to attributes on concepts, non-gaap elements, and expenses by nature.
XBRL US commented on the draft Cybersecurity Disclosure (CYD) Taxonomy. The taxonomy was developed by the Securities and Exchange Commission (SEC) to support the final rule, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure. Taxonomy files are included here.
The XBRL US letter pointed out mismatches between the draft Taxonomy and the Guide, and asked for clarification about Taxonomy entry points, dimensions, detailed tagging of narrative disclosures, and time periods used for text blocks. The letter also pointed out some of the challenges that issuers will encounter in tagging narrative disclosures due to overlapping content across text blocks.
XBRL US introduces Academic Resources. The new page, developed by members of the XBRL US Academic Committee, contains information on accessing XBRL data, research, case studies, and essential links to help the academic community gain access to tools and information they can use in their classroom.
XBRL US Events
Digital Reporting for Measurable Results: Climate, Corporate, Government, November 14 in Washington, DC
Register now for this one-day conference addressing the Financial Data Transparency Act (FDTA) as well as US and global climate reporting requirements in digital format. This event is hosted by KPMG and will be held at their office at 1801 K Street NW. Learn more and register.
Webinar: FERC – How Regulators Use Technology to Improve Efficiency, Wednesday, September 11, 2024
Join Robert Hudson, Energy Industry Analyst at the Federal Energy Regulatory Commission (FERC) Office of Enforcement in a discussion about the FERC’s data standards implementation, challenges and benefits of the program. Find out why they opted for XBRL over XML, and how internal FERC analysts, reporting companies, and program managers have adapted and gained from the FERC data modernization program. Register: https://xbrl.us/events/240911/
Video Replay and Slides Now Available: GovFin 2024 – Municipal Reporting Workshop
This 1 ½ day conference featured discussions and presentations with speakers from the Governmental Accounting Standards Board (GASB), the SEC Office of Municipal Securities; Eide Bailly LLP; Hilltop Securities; Hawkins Delafield & Wood; U.S. Census; U.S. Government Accountability Office, and more. Sessions addressed large and small governments, professional services, taxonomy development, and investor use of government data. Select the session of interest from the upper right-hand navigation: https://xbrl.us/events/govfin24/
Webinar Replay: Preparing for Digital, Machine-readable Climate Reporting: Impact on Business
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 watch the replay: https://event.on24.com/wcc/r/4611087/4EACF12CD94F2D60A9CB7B89FF86AEE9
XBRL US Meetings
Data Quality Committee
The next Committee meeting will be held Wednesday, September 25. Register to attend online: https://xbrl.us/events/dqc-240925
The Domain Steering Committee will meet Tuesday, September 17, at 2 PM EDT. https://xbrl.us/events/dsc-240917 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, September 17, at 3 PM EDT. https://xbrl.us/events/csc-240917 – all XBRL US Members are invited to attend
The Regulatory Modernization Working Group will meet Tuesday, September 10, at 3 PM EDT. (membership@xbrl.us for details)
The XBRL US Standard Government Reporting Working Group will meet Tuesday, September 24, at 12:30 PM EDT. (membership@xbrl.us for details)
The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, September 18, at 4 PM EDT. (membership@xbrl.us for details)
The XBRL US Academic Subcommittee will meet Tuesday, October 8, at 12 PM EDT. (membership@xbrl.us for details)
XBRL US Articles, White Papers, and Blogs
Blog Post: Muni Bond Markets Weigh in on FDTA at GovFin 2024
This year’s conference in July featured interactive breakout sessions with attendees from governments, professional services, standard setters, and software providers to brainstorm about how governments can be supported through the implementation of the FDTA for municipal reporting, entity identifiers, what muni issuance data should be prepared in structured format, and taxonomies. Read: https://xbrl.us/govfin2024-muni-market-attendee/
Blog Post: Identifying the Obligor for Municipal Securities
The complexities of the municipal bond market make it challenging for users of bond data to quickly find what they need when searching in the Municipal Securities Rulemaking Board (MSRB) Electronic Municipal Markets Access (EMMA) system. The Financial Data Transparency Act (FDTA) presents an important opportunity to enable easier, more concrete search capabilities at a granular level by leveraging entity identifiers and standardization of data. The XBRL data standard and the Legal Entity Identifier (LEI) can be used together to identify the issuer and obligor responsible for a specific security and associate an identifier for the security and the obligor to facts reported about the security to obligor relationship. Read: https://xbrl.us/identify-municipal-obligor/
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 for the FDTA, reduced cost, flexibility, and better, 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/
New training programs introduced for XBRL US Members. Understanding the XBRL Model I and II have been posted to the XBRL US Online Learning Page. These practical, in-depth training modules for developers new to XBRL take a deep dive into the inner workings of taxonomy components and structure.
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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