By Sean Sandoval. Over time, the SEC implements updates to the EDGAR system – Electronic Data Gathering, Analysis and Retrieval – as new accounting standards and other improvements are released. Most recently, on June 15, 2015, the EDGAR system was upgraded to Release 15.2 and no longer supports the 2013 GAAP financial reporting taxonomy and the 2013 EXCH taxonomy.
In March of this year, an XBRL taxonomy update was released by the SEC stating the new EDGAR system was upgraded to support 2015 GAAP taxonomy – with the caveat that 2013 taxonomy may soon no longer be accepted. Analysts stated that they did not anticipate 2013 taxonomies to be removed prior to June 2015. This notification was designed to provide companies with ample time to transition away from the 2013 taxonomy.
On their website, the SEC states they, “strongly encourage companies to 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.”
FASB is committed to simplifying XBRL taxonomy and making it easier to use. Read this blog for 5 reasons why financial reporting professionals should comment on proposed taxonomies.
For more information on the 15.2 release, information on submitting SEC filings and using taxonomy schemas, and to see a complete list of supported standard taxonomies, visit the SEC’s webpage on standard taxonomies here.