US regulator reports major success from XBRL banking project
US regulator reports major success from XBRL banking project
January 31, 2006
The use of XBRL for regulatory bank reporting in the US has achieved major success, according to the FFIEC (Federal Financial Institutions Examination Council). The FFIEC said its XBRL-based solution, which went live in October had achieved measurable benefits, with an increase from 66% to 95% in data cleanliness, 70% to 100% in accuracy, weeks to hours in timeliness and a 15% rise in the productivity of analysts.
