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Tuesday, December 28. 2021

SEC Releases 2021Q4 XBRL Taxonomies Update

On December 20th, the SEC updated the EDGAR system to Release 21.4. The system now supports the 2021Q4 versions of the taxonomies listed below. With this release, the Closed-End Fund (CEF) taxonomy will be accepted in EDGAR for the first time, and the Document and Entity Information (DEI) taxonomy has been updated to include elements for tagging auditor information. For more information, refer to the final 2021Q4 taxonomies’ Release Notes.


Additionally, the 2021Q4 taxonomy package includes the 2021 versions of the other taxonomies that were released during March 2021. No changes were made to those taxonomy files. The following taxonomies will now be accepted by the EDGAR System:

  • Countries (COUNTRY)
  • Currencies (CURRENCY)
  • Exchanges (EXCH)
  • North American Industry Classification System (NAICS)
  • Risk-Return (RR)
  • Standard Industrial Classification (SIC)
  • State and Province (STPR)
  • Variable Insurance Product (VIP) - DRAFT

Following the taxonomies’ upgrade, the SEC recommends that:

  • filers consider transitioning to the 2021Q4 taxonomies for the earliest reporting period that ends after December 15, 2021
  • companies use the most recent version of taxonomy releases for their XBRL exhibits to take advantage of the most up-to-date tags related to new accounting standards and other improvements

The 2021Q4 version of the DEI taxonomy is only compatible with 2021 versions of the other taxonomies. For Forms 10-K, 20-F, and 40-F, filers are required to use the 2021Q4 version of the DEI taxonomy in order to use the elements for tagging auditor information, as required by the Final Rule on Holding Foreign Companies Accountable Act Disclosure. For more information on this requirement, see section 6.5.54 of the EDGAR Filer Manual (Volume II).


For a complete list of supported standard taxonomies, and to download the 2021Q4 taxonomy package, visit the Standard Taxonomies webpage on sec.gov.


Note that the latest version of the GoFiler family of products (5.11a) supports all of the above taxonomies. We recommend you keep your software up to date to receive the latest changes from the SEC.


Sources:

2021Q4 XBRL Taxonomies Update (sec.gov)

Standard Taxonomies (sec.gov)



Posted by
LeAnn Dey
in EDGAR News, SEC, SEC Filing Help, XBRL at 09:25
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