On May 30, 2008, the SEC proposed that companies will be required to file a supplemental exhibit ‘tagging’ their financial statements in interactive data or XBRL Format.

In 2005, Central Bank & FDIC adopted XBRL to achieve its goal, which was to create access to more accurate data.

In 2008, XBRL US took ownership of the Risk Return Taxonomy and used it as the basis for the elements describing the risk return summary portion of mutual fund prospectuses which was released in January 2009.