XBRL US supports the release of the final joint rule, the Financial Data Transparency Act (FDTA) Joint Standards published on June 9, 2026. The joint rule outlines the requirements for data standards to promote interoperability of financial regulatory data across nine agencies, the OCC, the Federal Reserve Board, the FDIC, the NCUA, the CFPB, the FHFA, the CFTC, the SEC, and Treasury. The joint rule is the first step in moving regulatory data collection in the U.S. towards greater efficiency, transparency, and accountability in the financial markets. The FDTA could also pave the way towards U.S. adoption of Standard Business Reporting (SBR) - a regulatory program adopted in non-U.S. markets using XBRL to standardize digital filing of financial and regulatory information between business and government.
The FDTA goals align with XBRL US' mission to improve U.S. reporting through a free, open standard. Since XBRL was first implemented by the Federal Deposit Insurance Corporation (FDIC) in 2005, it has been the foundation supporting digital, machine-readable reporting by U.S. financial institutions. The FDIC program was followed in 2009 by the Securities and Exchange Commission (SEC) program for public company and investment company reporting. The SEC has since expanded its use of XBRL to include additional entity types and disclosures, and in 2022, the Federal Energy Regulatory Commission (FERC) implemented the data standard for quarterly and annual reporting by public utilities. Today, millions of organizations worldwide report in XBRL to 130+ regulatory agencies in the only open semantic data model for financial quantitative and qualitative data.
XBRL is not a product or service. It is a technology-neutral semantic data model that is open and freely available.
The XBRL specification and the organizations and individuals that support it have adapted to changing technologies and disclosure needs since the specification was first published in 2000. Given recent advances in artificial intelligence, a modernization and simplification program is currently underway that builds on the robust XBRL foundation and make standardized data even easier to prepare, collect, consume, and analyze, by both humans and machines.
Read the complete XBRL US Statement on FDTA Final Rule on FDTA data transmission properties, SBR, and artificial intelligence.
