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.
- Proposed Updates to Future* U.S. GAAP Financial Reporting Taxonomy – 1) Financial Instruments-Credit Losses and 2) Business Combinations - February 15, 2019
- SEC Interactive Data Test Suite Update 50-190213 - February 14, 2019
- No Proposed Update to U.S. GAAP Financial Reporting Taxonomy – Intangibles, Business Combinations and Not-for-Profit - February 1, 2019
- Draft 2018 Exchange Transaction Fee Summary Schema for NMS Stocks - December 21, 2018
- Proposed Update to Future* U.S. GAAP Financial Reporting Taxonomy – Codification Improvements for Lessors - December 19, 2018
From the Federal Register
- Disclosure of Hedging by Employees, Officers and Directors - February 6, 2019
- Revisions to the Filing Process for Commission Forms - February 4, 2019
- Adoption of Updated EDGAR Filer Manual - December 26, 2018
- Modernization of Property Disclosures for Mining Registrants - December 26, 2018
- Request for Comment on Earnings Releases and Quarterly Reports - December 21, 2018