EDGAR 24.2 release enhances XBRL taxonomies with new updates
The US Securities and Exchange Commission’s (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was upgraded to Release 24.2 this month, incorporating updates to its XBRL taxonomies. This release includes support for the 2024 version of the International Financial Reporting Standards (IFRS) taxonomy and introduces the new Security-Based Swap (SBS) taxonomy.
The updated IFRS taxonomy aligns with the version published by the IFRS Foundation in March 2024. The SBS taxonomy, newly added in this release, includes elements required for tagging specific exhibits to Form SBSEF, in accordance with final rules on Security-Based Swap Execution and Registration of Security-Based Swap Execution Facilities. Additionally, the Filing Fee Disclosure (FFD) taxonomy has been updated to extend the “Security Class Title” field length to 250 characters in the iXBRL Filing Fee exhibit.
As part of this upgrade, EDGAR will no longer accept the 2022 versions of several taxonomies, including U.S. Generally Accepted Accounting Principles (GAAP), IFRS, SEC Reporting Taxonomy (SRT), Closed-End Fund (CEF), and others. This move encourages the use of the latest taxonomy releases, ensuring filings are aligned with the most current accounting standards and improvements.
By integrating the latest taxonomies, the EDGAR system ensures that companies can utilise the most up-to-date tags, fostering better compliance and more detailed financial disclosures – crucial for transparency and consistency in financial reporting.
For a complete listing of supported standard taxonomies, visit the SEC’s official site.
