The most significant, long-standing XBRL programs in the U.S. are regulatory implementations, mandated by the U.S. Securities Exchange Commission (SEC) and the Federal Financial Institutions Examination Council (FFIEC).
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.
The SEC requires XBRL for reporting by public companies, credit rating agencies and mutual funds. 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 have been reporting in XBRL since 2009 and XBRL US provides education and training programs to help filers. XBRL US has also initiated a data quality program designed 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.
- SEC Interactive Data Test Suite Update 53.1d-200210 - February 11, 2020
- Removal of Investment Schedule (INVEST) Taxonomies - February 4, 2020
- Standard Taxonomies Page Update - January 16, 2020
- Proposed Update to Future* U.S. GAAP Financial Reporting Taxonomy—Codification Improvements - December 11, 2019
- Updated Order Routing and Handling Data Schema and Report Renderer for Broker-Dealers Available for Use - December 10, 2019
From the Federal Register
- Adoption of Updated EDGAR Filer Manual - February 19, 2020
- Use of Derivatives by Registered Investment Companies and Business Development Companies; Required Due Diligence by Broker-Dealers and Registered Investment Advisers Regarding Retail Customers' Transactions in Certain Leveraged/Inverse Investment Vehicles - January 24, 2020
- Revisions to the Filing Process for Commission Forms; Notice of Extension of Time and Rescheduling of Technical Conference - January 22, 2020
- Amendments to Rule 2-01, Qualifications of Accountants - January 15, 2020
- Disclosure of Payments by Resource Extraction Issuers - January 15, 2020