Did you know about these XBRL initiatives?
The map above shows where XBRL is in production use around the world.
Here are just a small selection of the XBRL systems in place globally…
SEC Interactive Data
The SEC obliges US issuers (listed companies and securities, including mutual funds) to file financial statements. Companies must provide 3 quarterly filings (10-Q) and 1 annual filing (10-K) to the regulator’s EDGAR filing system. The data is used by the SEC to analyse the company’s compliance with disclosure obligations, as well as to identify anomalies and outliers that could point to accounting fraud. The data is republished in XBRL format and made freely available to market participants, of particular use for a range of groups including data vendors, research firms and analysts.
Project SICONFI collects data for an annual report known as the National Public Sector Balance (BSPN), a set of financial and budgetary statements that show the economic condition of the Brazilian Federation as a whole, as well as that of Federal, State and Local Governments, as well as for a set of tables known as Finances of Brazil (FINBRA), which contains accounting and budgetary information for each entity in the Federation in a unified format. The Treasure utilizes XBRL for efficient collection and to improve data quality.
Bank Indonesia Islamic Banking Regulatory Reporting System
Bank Indonesia collects monthly financial statements from 34 Islamic banks, based on Sharia financial rules. Filers validate and send XBRL instance documents directly to BI. The data is used for supervisory purposes.
NBB Annual Financial Statement
The National Bank of Belgium is responsible, inter alia, for the preparation of the Belgian national accounts. To assist in this process, Belgian companies provide a template balance sheet in XBRL format to the central bank on an annual basis. Some 400,000 companies utilise this capability. The data is used for statistical purposes but each company’s filing is also freely available in XBRL.
Since The Danish Business Authority has required all Danish businesses to provide either in XBRL format or iXBRL format, a digitally signed version of their annual financial statements for the purposes of registration and market information. The XBRL/iXBRL data is available for purchase from the agency.
SVS Listed Company Filing
The Chilean securities regulator (“La Superintendencia de Valores y Seguros”) or “SVS” requires listed companies to file IFRS based financial statements on a quarterly basis in XBRL. The data is republished on their web site in XBRL and can be used by global market participants including data vendors, investors and analysts. The SVS allows extensions and uses dimensions.
ESCA Securities Filings
The Emirates Securities and Commodities Authority requires quarterly XBRL based financial statements from companies listed on the Abu Dhabi and Dubai securities exchanges, as well as the broker dealers that operate in that country. This data is available in XBRL format from the Authority. The data helps enhance transparency for the UAE markets, particularly as the XBRL allows foreign investors to see the financial statements in a range of languages.
FFIEC Call Reports
The FFIEC obliges US banks to provide quarterly “call reports” in XBRL format. Call reports cover a range of financial condition and financial risk measures. Almost all of this data is republished via the Uniform Bank Performance Reports, including in XBRL format. FFIEC data is used by US banking regulators as well as the public to analyse the relative health of individual banks.
HMRC Corporate Tax Returns
The UK’s tax authority, HM Revenue & Customs, requires all corporations tax filings to be provided in iXBRL format. The filings incorporate a financial statement, formatted in the preferred format of the preparer, with iXBRL tags embedded against each fact that aligns with one of the 1200 or so concepts contained in the “Minimum Filing Requirement” subset of the UK GAAP or IFRS (as appropriate) taxonomies. The iXBRL financial statements are accompanied by a Computations filing that shows how taxable profit is derived from accounting profit, also in iXBRL format. Extensions, including dimensional extensions are permitted, but filers don’t have particular incentives to provide them.
Companies House Financial Statement Filing
The UK’s companies registry, Companies House, requires all UK companies to file financial statements annually. Since 2006 Companies House has had a voluntary XBRL filing mechanism in place and since 2011, companies have been able to file in iXBRL. Since 2013, Companies House has republished all of the filings it receives in iXBRL format. The filings incorporate a financial statement, formatted in the preferred format of the preparer, with iXBRL tags embedded against each fact that aligns with one of the 1200 or so concepts contained in the “Minimum Filing Requirement” subset of the UK GAAP or IFRS (as appropriate) taxonomies. Extensions, including dimensional extensions, are permitted. XBRL UK has a case study examining this programme in detail.
Spanish Business Register
Since 2008, all Spanish corporations are required to file annual financial statements with the Business Register. These filings are made publicly available online. Extensions are permitted.
Starting with a pilot in 2011, German corporate taxpayers are required to digitally file returns in E-Bilanz format using a wide range of industry specific taxonomies. In addition to the main taxonomy based on the German Commercial Code, industry taxonomies have been created for banks, insurance companies and pension funds. Specific taxonomies were also produced for hospitals, nursing facilities, transport companies, local municipal enterprises and agricultural farms.
Japan Financial Services Agency Next Generation EDINET
Since June of 2008 the JFSA has required XBRL filing of Annual Securities Reports, Semiannual Securities Reports, Quarterly Securities Reports and Securities Registration Statements. The next generation EDINET has introduced Inline XBRL and the expansion of mandatory reporting to include material facts as well as financial information The expansion includes Financial Statement Footnotes, as well as reporting on Extraordinary Securities, Large Volume Holdings and Tender Offers. The tagging levels were also expanded to include sub-classifications and comments; segment information, summary of business results and disclosure of major shareholders.
The European banking reporting process is comprised of two stages, with banking institutions reporting supervisory data to their relevant national or supranational regulatory authorities and subsequently those authorities remit that data to the European Banking Authority.
Peru Superintendency of Securities (VPS)
Mandatory filing began in 2012 for listed companies, which use templates in Excel to record, validate and generate reports in XBRL .
Panama Banking Supervision
The project began in 2012 with the aim of improving data collection and transparency. Four filings are required: Balance Sheet, Statement of Profit and Loss, Cash Flow and Comprehensive Income and Changes in Equity. XBRL reports are publicly available from the SPB website here.
Mexican Securities Regulation
Colombian Financial Supervision
The initial filing rules see the face financials as well as management comment in 63 different notes provided to the regulator in XBRL format, with a number of additional notes being added in 2016.
Colombian Business Registrar
The Colombian Business registrar requires the submission of balance sheet, profit/loss and cash flow statements though XBRL Express, its online portal that feeds information into the Integrated Financial Reporting System SIRFIN.