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.
- No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Accounting Standards Update on Goodwill Impairment - January 8, 2021
- FASB Issues Proposed Updates for Future* Taxonomy Related to Proposed ASU on Revenue Contracts Acquired in a Business Combination - January 8, 2021
- IFRS Foundation Proposes Improvements to the IFRS Taxonomy 2020 Related to Presentation and Disclosure of Employee Benefits - December 3, 2020
- 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
From the Federal Register
- Rule 144 Holding Period and Form 144 Filings - January 19, 2021
- Disclosure of Payments by Resource Extraction Issuers - January 15, 2021
- Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information - January 11, 2021
- Regulation ATS for ATSs That Trade U.S. Government Securities, NMS Stock, and Other Securities; Regulation SCI for ATSs That Trade U.S. Treasury Securities and Agency Securities; and Electronic Corporate Bond and Municipal Securities Markets - December 31, 2020
- Modernization of Rules and Forms for Compensatory Securities Offerings and Sales - December 11, 2020