SEC says goodbye to 2020 taxonomies with EDGAR update
The US Securities and Exchange Commission (SEC) has announced that on 21 June 2022 it will upgrade its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system to Release 22.2. From that date, the 2020 versions of a number of XBRL taxonomies used in reporting to the SEC will no longer be accepted in the EDGAR system in new filings. These include the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy, the International Financial Reporting Standards (IFRS) Taxonomy, the SEC Reporting Taxonomy, and several others used for specific types of information.
The SEC affirms that all 2021 and 2022 taxonomy versions will be available for use, although it reminds filers that they cannot mix and match versions from different years and same version year for all of the taxonomies in an EDGAR submission. It also encourages preparers to use the most recent taxonomy releases wherever possible, to take advantage of the most up-to-date tags related to new accounting standards and other improvements.
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