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.
- FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy - October 14, 2021
- Inappropriate Use of Custom Tags for Operating Lease Right-of-Use Asset Amortization - October 6, 2021
- FASB Issues Proposed Changes and Technical Guide for 2022 SEC Reporting Taxonomy - September 22, 2021
- SEC Interactive Data Test Suite Update 59-210920 - September 20, 2021
- SEC Disclosure Data API Available - September 8, 2021
From the Federal Register
- Data Collection for Analytics and Surveillance and Market-Based Rate Purposes - August 26, 2021
- Adoption of Updated EDGAR Filer Manual - July 28, 2021
- Adoption of Updated EDGAR Filer Manual, Form ID Amendments - May 11, 2021
- Electric Transmission Incentives Policy Under Section 219 of the Federal Power Act - April 26, 2021
- Market Data Infrastructure - April 9, 2021