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 Update to 2020 U.S. GAAP Financial Reporting Taxonomy – Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) - September 19, 2019
- Proposed Update to 2020 U.S. GAAP Financial Reporting Taxonomy – Facilitation of the Effects of Reference Rate Reform on Financial Reporting - September 13, 2019
- Draft 2020 SEC XBRL Taxonomies - September 9, 2019
- No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Effective Date Change to Financial Services-Insurance (Topic 944) - August 29, 2019
- Proposed Update to 2020 U.S. GAAP Financial Reporting Taxonomy – Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity - August 29, 2019
From the Federal Register
- Solicitations of Interest Prior to a Registered Public Offering - October 4, 2019
- Update of Statistical Disclosures for Bank and Savings and Loan Registrants - October 3, 2019
- Form CRS Relationship Summary; Amendments to Form ADV - July 12, 2019
- Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships - July 5, 2019
- Adoption of Updated EDGAR Filer Manual - July 1, 2019