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.
- Removal of 2020 Taxonomies - May 24, 2022
- FASB Staff Issues Proposed Taxonomy Implementation Guides for Accounting Changes, Reorganizations, and Reinsurance-Related Disclosures - April 20, 2022
- 2022 XBRL Taxonomies Update - March 22, 2022
- Tagging for Finance Lease Liability, Future Payments, and the Excess Amount of the Future Payments over the Finance Lease Liability - January 28, 2022
- Incorrect Context Dates for Reported Facts - January 14, 2022
From the Federal Register
- Special Purpose Acquisition Companies, Shell Companies, and Projections - May 13, 2022
- Submission for OMB Review; Comment Request - May 13, 2022
- Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities - May 11, 2022
- Adoption of Updated EDGAR Filer Manual - April 19, 2022
- The Enhancement and Standardization of Climate-Related Disclosures for Investors - April 11, 2022