On June 28, 2018, the SEC held an open meeting in which they presented several final, approved rules and new rule proposals. Taken together, these changes represent progress toward many of the Commission’s priorities.

On May 31, 2018 the XBRL US Center for Data Quality has released the sixth set of rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The sixth release of rules includes guidance for issuers using either the US-GAAP or IFRS taxonomies.

XBRL US is seeking input from SEC-registered public companies as to the possibility of using XBRL for earnings announcements, either for a press release or a Form 8-K filing of an earnings announcement.

With the last EDGAR release, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2018 taxonomy among other new taxonomies. It’s always a good practice to transition your SEC filings as soon as possible when the SEC accepts the new taxonomy year.

The Securities and Exchange Commission has begun accepting XBRL filings under the new 2018 US-GAAP Taxonomy. Four of the nine SEC-maintained XBRL taxonomies have been altered: the DEI, EXCH, RR,
and STPR taxonomies.

On April 3rd from 1:00 to 2:30 PM EST, the Financial Accounting Standards Board (FASB) will host a webinar covering 2018 GAAP and SEC taxonomy improvements. During the webinar, the FASB staff will demonstrate how to apply the new modeling using example disclosures and discuss the new 2018 SEC Reporting Taxonomy.

On March 6th, the XBRL US Domain Steering Committee, approved and posted a new XBRL US reference document for a 30-day review period, the Taxonomy Approval Metrics & Process (TAM).

The CFA’s Investor Forum 2017, developed by XBRL US and held in sponsorship with CFA Institute and CFA Society New York, recently explored numerous issues applicable to the use of XBRL in the financial data analysis and reporting industries. During the conference, Michelle Savage, Vice President of Communication for XBRL US, and Scott Theis, CEO of Novaworks, LLC and Chairman of XBRL US’s Domain Steering Committee, discussed an earnings release case study that discussed how building an XBRL taxonomy to represent the data held within the release could be beneficial to the financial and investment communities.

At CFA’s Investor Forum 2017, a panel of industry experts discussed case studies that illustrate XBRL’s use in accounting and financial reporting and the rationale behind its adoption. This panel discussed different ways in which XBRL is employed in the financial sector.

On September 12th, 2017, SunSpec Alliance and XBRL US announced the launch of a 30-day public review period on the initial draft of the Orange Button taxonomy for solar financing.

XBRL US will be offering a second IFRS Taxonomy Deep Dive Webinar on August 23rd at 3:00 PM EST. This webinar will cover the IFRS Taxonomy and SEC rules requiring foreign private issuers to file their financials in XBRL format.

The International Accounting Standards Board (IASB) has published their Proposed Update 1 to the IFRS taxonomy. These updates pertain to IFRS 17 Insurance Contracts. A public comment period has begun and will end on September 18th, 2017.

The XBRL US Center for Data Quality has begun a public review period on July 19th, 2017, for the fifth set of proposed rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information.

In March, the SEC introduced proposed changes to include Inline XBRL Tagging in financial filings. We covered these proposed amendments in this blog post. The public comment period recently ended on May 16th, and the comments are available to read here. XBRL US offered one such comment on the proposed requirements to include Inline XBRL in financial filings, and in it expressed agreement that inclusion on Inline XBRL will help to improve the quality of reported structured financial data while reducing the burden on filers.

XBRL US has started a 90-day public exposure period for the XBRL US Style Guide, which was recently revised, updated, and released by the XBRL US Domain Steering Committee. The comment period began on April 17th and continues through July 17th. The Domain Steering Committee intends for the Style Guide to facilitate the creation of consistent, high-quality XBRL taxonomies by providing uniform guidelines and recommendations.