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 Franchisors—Revenue from Contracts with Customers - September 23, 2020
- Form 8-K Document Period End Date - September 23, 2020
- FASB Issues Proposed Changes for 2021 SEC Reporting Taxonomy - September 15, 2020
- FASB Guidance on Implementation of Extensible Enumerations 2.0 - September 15, 2020
- Draft 2021 SEC Taxonomies - September 1, 2020
From the Federal Register
- Electric Quarterly Report Users Group Meeting; Notice of Electric Quarterly Report Users Group Meeting - September 16, 2020
- Commission Information Collections Activities (Ferc Form Nos. 2 And 2-A); Comment Request; Extension; Errata Notice - September 14, 2020
- Exemptions From the Proxy Rules for Proxy Voting Advice - September 3, 2020
- Amendments to Financial Disclosures About Acquired and Disposed Businesses - August 31, 2020
- Securities Offering Reform for Closed-End Investment Companies - June 1, 2020