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.
- Scaling Errors Between Entity Common Stock Shares Outstanding and Common Stock Shares Outstanding - November 19, 2020
- FASB Issues Proposed Update for Future* Taxonomies Related to ASU No. 2020-09 and Proposed ASUs on Reference Rate Reform and Freestanding Modifications - November 5, 2020
- IFRS Foundation Publishes Proposed Update to the IFRS Taxonomy 2020: General Improvements and Common Practice Presentation of Information in Primary Financial Statements - November 5, 2020
- FASB Issues Proposed XBRL US Data Quality Committee Rules Taxonomy and Technical Guides for Public Comment - November 5, 2020
- Proposed Updates to Future* U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Related to SEC Release No. 33-10835: Update of Statistical Disclosures for Bank and Savings and Loan Registrants and Proposed Accounting Standards Update—Leases - October 27, 2020
From the Federal Register
- Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements - November 5, 2020
- Adoption of Updated EDGAR Filer Manual - November 3, 2020
- Publication or Submission of Quotations Without Specified Information - October 27, 2020
- Update of Statistical Disclosures for Bank and Savings and Loan Registrants - October 16, 2020
- Modernization of Regulation S-K Items 101, 103, and 105 - October 8, 2020