November, 2024 
Digital Reporting for Measurable Results: Climate, Corporate, Government event replay now available. The one-day conference, held in Washington, DC, featured keynote United States Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, sponsor of the Financial Data Transparency Act (FDTA). In his remarks, the Congressman noted, “…there’s been a long intentionality of congress when we create regulators that they actually work with each other…[FDTA] is the latest attempt where we hope we can get this right.”
Recorded remarks were also presented by United States Senator Mark R. Warner (R-VA), sponsor of the FDTA. The event featured sessions on data standardization and climate reporting, with additional speakers from BNY, FactSet, the Global LEI Foundation (GLEIF), the International Sustainability Standards Board (ISSB), KPMG, the London Stock Exchange (LSEG) and more.
XBRL US announces a half-day conference, Modernizing Muncipal Reporting, on January 30, 2025 in Costa Mesa, California. The program features keynote speaker, California State Treasurer Fiona Ma, CPA, and former California State Senator for the 37th Senate district, John Moorlach, who sponsored Senate Bill 598, legislation to enhance the usability and transparency of local government financial data. Despite bipartisan support, SB 598 was not signed. Co-sponsored by the California Policy Center and XBRL US, the event will be hosted at Vanguard University, and will feature panels on the need for state fiscal health monitoring to identify high risk local governments, and discussions on how the Financial Data Transparency Act (FDTA) may impact local governments.
Learn more and register: https://xbrl.us/events/fdta-muni-california
XBRL US commented on the 6th Open Government National Action Plan. The request for public comment from the Office of Government-wide Policy (OGP); General Services Administration (GSA) sought to gather ideas, suggestions, and recommendations for commitments that could be included in the Open Government National Action Plan. The XBRL US letter focused on fiscal openness, addressing the challenge for legislators and regulators at a federal, state, and local level to have more efficient access to budget data.
Open data standards like XBRL automate reporting, collection, and analysis, improving consistency, timeliness, and quality of reporting. Our letter also explained that making Federal Audit Clearinghouse (FAC) data machine-readable would satisfy the requirements of the Grants Reporting, Efficiency and Transparency (GREAT) Act which was passed in 2019 but has yet to be fully implemented. Since the General Services Administration (GSA) is now responsible for FAC development, it is well positioned to deliver on the promise of fiscal openness.
The Financial Accounting Standards Board (FASB) is accepting feedback on proposed GAAP Taxonomy Improvements for Accounting Standards Updates. The first improvement addresses Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Release Notes), with comments due by January 27, 2025. Separately, they have asked for input on Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (Release Notes) with comments due by December 16, 2024. For information on how to respond read the FASB announcement.
XBRL US Events
Webinar Replay: Start Planning – SEC Cybersecurity Disclosure Rules for Public Companies
Hear Nabeel Cheema, Special Counsel, Office of Rulemaking, Division of Corporation Finance, U.S. Securities and Exchange Commission and Justine Robinson, Of Counsel, Gibson, Dunn & Crutcher LLP, as they discuss the SEC rationale for the rule and implications for issuers. Get a practical tagging and preparation review, as well as tips and resources that can help you prepare. Replay: https://xbrl.us/events/241106
XBRL US Meetings
The Data Quality Committee (DQC) held its most recent meeting with the SEC on Wednesday, September 25, 2024. Learn about the DQC: https://xbrl.us/dqc
The Domain Steering Committee will meet Tuesday, December 17, at 2 PM ET. https://xbrl.us/events/dsc-241217 – all XBRL US Members are invited to attend
The Communications Steering Committee will meet Tuesday, December 19, at 3 PM ET. https://xbrl.us/events/csc-241217 – all XBRL US Members are invited to attend
The XBRL US Regulatory Modernization Working Group will meet Tuesday, December 10, at 3 PM ET. (membership@xbrl.us for details)
The XBRL US Standard Government Reporting Working Group will meet Tuesday, December 10, at 12:30 PM ET. (membership@xbrl.us for details)
The XBRL US Technical Advisory Committee (XTAC) will meet on Wednesday, December 3, at 3 PM ET. (membership@xbrl.us for details)
The XBRL US Academic Subcommittee will meet Tuesday, December 10, at 12 PM ET. (membership@xbrl.us for details)
XBRL US Articles, White Papers, and Blogs
Why the release of the Meta Model Relationship Taxonomy matters.
The Financial Accounting Standards Board (FASB) released the proposed 2025 version of the Meta Model Relationships Taxonomy (Meta Model Taxonomy) for public review with comments due by November 29, 2024. The Meta Model Taxonomy is an important milestone in XBRL as it promises to revolutionize the way accounting standards can be used. It is a digital dictionary of financial reporting concepts used in the United States for tagging and structuring financial data, specifically tailored to align with U.S. GAAP (Generally Accepted Accounting Principles). The FASB “meta” taxonomy, is a higher-level framework that defines relationships and metadata around existing FASB taxonomy concepts and facilitates deeper data analysis and improved consistency in financial disclosures.
Read more: https://xbrl.us/meta-model-relationships-taxonomy/
Blog Post: How to Improve the FDTA Rule – Response from XBRL US
The cost of government regulation is increasingly seen as a burden by many in Congress and the courts who look to limit the scope of regulatory agencies. At the same time, data collected by regulatory agencies is becoming more important for the functioning of a modern economy.
The FDTA comes at an opportune time. Implemented correctly, it will result in machine-readable and machine-understandable data, enhancements to data quality, and economies of scale to reduce the cost of reporting, collection and analysis. It will also give Agencies more flexibility, help them keep requirements current, and enable collaboration without bureaucracy. Read more:https://xbrl.us/fdta-rule-proposal-xbrlus-response/
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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