EC’s EDGAR system supports iXBRL for filing fee disclosures
The US Securities and Exchange Commission (SEC) has released an update to the EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system which introduces support for the Filing Fee Disclosure (FFD) taxonomy, allowing Inline XBRL tagging for disclosures related to filing fees.
The FFD taxonomy supports the implementation of the SEC’s final rule on ‘Filing Fee Disclosure and Payment Methods Modernization’, introduced in 2021. This rule aims to enhance the efficiency of the filing process, making it faster and more cost-effective for both SEC staff and market participants. A key feature of this modernisation effort is the mandate for companies to use iXBRL to report information necessary for filing-fee calculation, covering various forms, schedules, and statements.
The transition to structured data with iXBRL is expected to automate error detection and fee calculation, reducing manual input and potential errors in the reporting process. This latest update is part of a gradual process off phasing in these changes, providing the digital infrastructure necessary for filers to begin using the FFD taxonomy.
Explore further details on the SEC’s standard taxonomies here.
