The Securities and Exchange Commission (SEC) announced on June 29, 2020 that the EDGAR system was upgraded to Release 20.2 and no longer supports the following taxonomies:
- 2018 US GAAP Financial Reporting Taxonomy,
- 2018 SEC Reporting Taxonomy,
- 2012 and 2013 Investment Schedule (INVEST),
- 2016 Countries (COUNTRY), 2017 Currencies (Currency), and
- 2018 Exchanges (EXCH).
The EDGAR system was also upgraded to support the 2020 Document and Entity Information (DEI) Taxonomy, which was updated as a result of the SEC’s adoption of certain amendments, including the addition of a check box to the cover pages of Forms 10-K, 20-F, and 40-F that indicates whether an internal control over financial reporting auditor attestation is included in the filing.
See the complete listing of supported standard taxonomies at www.sec.gov/info/edgar/edgartaxonomies.shtml.
To take advantage of the most up-to-date tags related to new accounting standards and other improvements, the SEC staff encourages companies to use the most recent version of taxonomy releases for their XBRL exhibits.
This new methodology means former taxonomy tags may no longer be acceptable upon review by the SEC, so companies may be required to do additional work if the wrong tags are used. Companies should consider including XBRL and taxonomy tags in their disclosure committee agendas and double check with their service providers regarding their filings with the EDGAR system changes to ensure the scripts are appropriately updated.
If you have questions or need further insight on ways to ensure the appropriate GAAP taxonomy is being used, the PKF Texas SEC team is ready to discuss with you. For more information about how PKF Texas serves public companies, contact our SEC team at www.pkftexas.com/SECDesk.