Thousands of companies file statutory reports to U.S. regulators in XBRL format today. Structured, standardized reporting in the U.S. began with the Federal Financial Institutions Examination Council (FFIEC) program for banks in 2005, followed by the U.S. Securities Exchange Commission (SEC) for public companies and investment management companies in 2009. These agencies have expanded these programs to require more information and more types of entities to report in XBRL format. In 2021, the Federal Energy Regulatory Commission (FERC) began requiring public utilities to report their financial statements in XBRL through their e-Forms program.

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FDIC

The FFIEC program, initiated in 2005, requires over 6,000 banks to provide their call report financial data in XBRL format.The FFIEC now also collects FDIC Summary of Deposit data from 5,000 banks as well. Bank regulators have recognized significant benefits from the use of standards and continue to expand on this program into other areas for public and for internal use.

SEC

The SEC requires XBRL for reporting by public companies, investment management companies and credit rating agencies. XBRL US developed the initial releases of the US GAAP Financial Reporting Taxonomy which is now managed by the Financial Accounting Standards Board (FASB). Public companies and mutual funds began reporting in XBRL in 2009 and XBRL US provides education and training programs to help filers. The XBRL US Data Quality program launched in 2015 to address issues that have been raised by investors about the quality and consistency of the reported data. This program involves the creation of a Data Quality Committee which develops guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC.

From the News from the SEC's Office of Structured Disclosure

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