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).
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FDIC ReportingThe 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 ReportingThe 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. |
From the News from the SEC's Office of Structured Disclosure
- Cash Flow Statement Data Element Presentation - March 8, 2024
- 2024 Filing Fee Disclosure (FFD) Taxonomy - January 29, 2024
- FASB Staff Issues Proposed Taxonomy Implementation Guides for 2024 U.S. GAAP Financial Reporting Taxonomy - January 25, 2024
- FASB Issues Proposed Updates for Future* Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Debt with Conversion and Other Options - January 2, 2024
- 2023 Fund (FND) Taxonomy - December 19, 2023
From the Federal Register
- Special Purpose Acquisition Companies, Shell Companies, and Projections - February 26, 2024
- Regulatory Flexibility Agenda - February 9, 2024
- Adoption of Updated EDGAR Filer Manual - January 24, 2024
- Revisions to the Filing Process for Commission Forms; Notice of eForms Updates - December 21, 2023
- Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities - December 15, 2023
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