It's code now in several areas to put insulation on the exterior of the home foundation or basement before back-filling with dirt. Dirt is the most common back-fill and it works great for drainage while still allowing some water flow.
This Little Canada Basement is typical of what we see these days, the yellow is rigid insulation that that goes down to the footing (basement floor level) and comes up to just above the grass, that will be planted when done.
The black asphalt or rubber coating is a type of coating we usually call "damp-proofing," meant to stop dampness but not full water saturation. Unfortunately over a few years, it gets dry, cracks and peels off the walls.
