The SEC upgraded the EDGAR system to Release 21.1 on March 22, 2021. The system now supports the 2021 reporting taxonomies, which are the final versions of the draft taxonomies that were posted by SEC staff for public comment on September 1, 2020.
The following taxonomies will now be accepted by the EDGAR system:
- US Generally Accepted Accounting Principles Financial Reporting (GAAP)
- SEC Reporting (SRT)
- Countries (COUNTRY)
- Currencies (CURRENCY)
- Document and Entity (DEI)
- Exchanges (EXCH)
- North American Industry Classification System (NAICS)
- Risk-Return (RR)
- Standard Industrial Classification (SIC)
- State and Province (STPR)
The 2021 SEC Reporting Taxonomy (SRT) and the 2021 US GAAP Taxonomy echo the same taxonomies the Financial Accounting Standards Board (FASB) made available on its website on December 17, 2020. The SEC is not expecting the 2019 US GAAP, the 2019 SRT, or any prior year versions of the other taxonomies to be removed before June 2021.
Following the taxonomies’ upgrade, the SEC recommends that:
- filers consider transitioning to the 2021 taxonomies for the earliest reporting period that ends after March 22, 2021, but not for reporting periods that end before March 22, 2021
- companies use the latest version of taxonomy releases for their XBRL exhibits to make use of the most current tags associated with new accounting standards and other optimizations
For more information and a complete list of supported standard taxonomies, visit sec.gov.
Note that the latest version of the GoFiler family of products (5.7a) supports all of the above taxonomies. We recommend you keep your software up to date to receive the latest changes from the SEC.
Sources:
2021 XBRL Taxonomies Update (sec.gov)
Standard Taxonomies (sec.gov)
