Is Physics being formally documented somewhere? Physics is an extremely diverse subject, with new phenomenon being mapped by the second. So, is it all being formally documented somewhere? 

I'm specifically looking for a centralized, formal knowledge-base, from a legally certified institution. It would be absurd to expect everything, and so I won't. I would expect such a resource to contain classification, terminology, and overall a formal description of the standard model.
 A: All physics knowledge does not exist on one centralized database. No matter how complete it is, there would always be some scrap of physics knowledge that exists on another database only. If there were a centralized database of all physics knowledge, I can assure you it would not be peer-reviewed. The peer review process is too lengthy for one database to do all of it for all of physics and the separate institutions that do peer reviewing don't generally want to give away the papers they review for free.
The closest thing to what you are describing is the arXiv. It is hosted by Cornell University and contains a massive database of non-peer reviewed material. Much of this material goes on to be peer-reviewed, but it usually isn't at the time of posting to arXiv. It is not a complete set of physics knowledge and I stand by my statement that it is not possible to have one centralized and complete database. But the arXiv is the best thing I can think of to suit your request.
A: There would be a big difference between documenting the advance of truly fundamental physics, and documenting the advance of every investigation, discovery and idea which might count as physics. 
The fundamental advances are documented in places like encyclopedias, textbooks, and the list of Nobel Prize winners. Perhaps the closest thing to a central, regularly updated repository of technical information about the state of fundamental physics  is http://pdg.lbl.gov, the website of the Particle Data Group. 
A feature of recent decades in physics, which distinguishes them from the past, is the existence of a single equation that describes almost everything (I mean the Lagrangian of the standard model coupled to general relativity). 
String theory is also immensely significant, as a framework which palpably has some chance of explaining both the unexplained assumptions which define the standard model, and the phenomena like dark matter which fall outside it. Here the hep-th archive at arxiv.org functions as the central repository of mathematical and conceptual progress in the subject. As in all areas of physics, review papers summarize the evolving state of research for newcomers, sometimes in an authoritative multi-author way, sometimes according to the opinions of a single author.
