XBRL US Holds 2020 Investor Forum

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Wednesday, November 25. 2020

XBRL US Holds 2020 Investor Forum

On November 17th and 18th, XBRL US held the Investor Forum 2020. This year’s program focused on investor concerns and regulator responses during the market crisis brought on by the ongoing COVID-19 pandemic and the role XBRL can and has played during times of difficulty. Access to high quality, consistent, timely data is a priority especially during periods of market unrest and stability. The Investor Forum, which was also sponsored by the CFA Society of New York, the CFA Institute, and the Zicklin School of Business at Baruch College, addressed how standards have been used to manage investment risk and how they can and should be leveraged further to mitigate future upheaval.

In addition, this year’s program showcased practical, real world examples of how XBRL data can be used in the investment process. After the conference, attendees were also invited to deep-dive training webinars on tools to access free, timely, granular XBRL data.

The following highlights portions of the forum’s two-day agenda:

November 17th
Welcome and Introductions	Speakers: Eric Linder, CEO, SavaNet, LLC Campbell Pryde, President and CEO, XBRL US David Rosenberg, Associate Professor of Law, Associate Director of the Robert Zicklin Center for Corporate Integrity, Baruch College Mr. Rosenberg, Mr. Pryde, and Mr. Linder welcomed attendees to the forum and briefly discussed the importance of XBRL and structured data during these difficult 2020 fiscal year. XBRL is gaining additional regulator support, such as adoption by the Federal Energy Regulatory Commission (FERC). In addition, the speakers discussed how the SEC’s support of XBRL has strengthened the standard.
Keynote Speaker: Allison Herren Lee, Commissioner from the Securities and Exchange Commission	Commissioner Lee reviewed the history and benefits of the SEC’s stepwise adoption of XBRL and Inline XBRL in its EDGAR System. Structured data has bettered market functioning across many public consumers, including investors, academics, and financial analysts. Commissioner Lee highlighted three areas of focus during her speech: 1) expanding the use of XBRL outside the financial statements, 2) continued emphasis on data accuracy and integrity in XBRL, and 3) the benefits of open and freely available financial identifiers.
Financial Identifiers for Investors, Business & Regulators	Speakers: Jeff Braswell, former Member of the Board of Directors, Global LEI Foundation (GLEIF); Founding Partner, Tahoe Blue Steve Meizanis, Global Data Product Manager, Bloomberg LP The speakers addressed the value of the Legal Entity Identifier (LEI), as well as securities identifiers, the status of adoption, and why identifiers for entities and securities are important during market crises.
Standards to Manage Investment Risk	Speakers: Mike Willis, Associate Director, Office of Data Science and Innovation, Division of Economics and Risk Analysis, U.S. Securities and Exchange Commission Mohini Singh, ACA, Director of Financial Reporting Policy, CFA Institute Jeff Mahoney, CPA, General Counsel, Council of Institutional Investors This session explored the significant effects COVID 19 has had on business and investors, focusing on what companies are doing to communicate to investors and how stakeholders are preparing for future risks. The speakers also explored how structured data eased the impact of financial uncertainty across stakeholders.
APIs, Templates & Other Free Ways to Access Structured Data	Speakers: Campbell Pryde, XBRL US During this session, Mr. Pryde provided an overview of freely available research tools that can be used to access structured data worldwide.
November 18th
Welcome and Introductions	Speakers: Campbell Pryde, President and CEO, XBRL US David Rosenberg, Associate Professor of Law, Associate Director of the Robert Zicklin Center for Corporate Integrity, Baruch College Mr. Rosenberg and Mr. Pryde welcomed attendees back to the second day of the Investor Forum, reviewing the previous day’s sessions and providing an overview of this day’s discussions.
Keynote: Wes Bricker, Vice Chair – US and Mexico Assurance Leader, PwC US, and Chair, XBRL International Board	Mr. Bricker discussed the role of data in investment markets and how to improve the use and presentation of that data. He covered three main topics about the use of data and XBRL: 1) trends and effects of XBRL use, 2) obstacles in producing better XBRL reports, and 3) ways in which stakeholders can work together to improve the use of XBRL.
XBRL Use Reaching The Critical Tipping Point	Speakers: Pranav Ghai, co-Founder and CEO, Calcbench Christine Tan, co-Founder and Chief Research Officer, idaciti This session focused on lessons learned and case studies that demonstrate how XBRL is revolutionizing data use for research analysts in the investment community and at the SEC.
What Investors & Regulators Need from Issuers in Uncertain Times	Speakers: Todd Castagno, Executive Director, Morgan Stanley Research Marc Joffe, Senior Research Analyst, Reason Foundation This final session explored lessons learned from the Great Recession of 2008 and the current pandemic concerning the kinds of data that are of most value to investors. In addition, the discussion explored the roles of standard setters and regulators in managing crises, and how issuers should adapt their disclosure practices to meet the new demands. Finally, the speakers addressed the political and economic impact of congressional actions related to the crisis.