OFR Recognizes XBRL

The Office of Financial Research (OFR) was formed under the Dodd-Frank Wall Street Reform and Consumer Protection Act to improve the quality of financial data available to policymakers and facilitate more robust and sophisticated analysis of the financial system. Among other things, the office is charged with "standardizing the types and formats of data reported and collected" - a natural for XBRL.  The OFR has issued several important reports since its formation and most recently issued its Annual Report for 2012.

The report has numerous references to XBRL. In one section, it acknowledges tha work of the SEC and the FDIC in adopting XBRL for regulatory purposes. It also included a case study on the Adoption of Data Standards by U.S. Regulators, which included information on the successful adoption of XBRL by those agencies.


However, nowhere does the report actually endorse XBRL. Rather the direction seems to be in the direction of developing its own data standard. Indeed, its strategic framework includes "facilitate the establishment of global data related standards to improve data quality and scope". The thrust appears to be towards developing its own standards, which may be a case of reinventing the wheel, given that such a standard already exists in the form of XBRL. For a copy of the annual report, and other documents, check out the OFR website.