The Securities and Exchange Commission reminded corporate filers Friday that the forthcoming release of its EDGAR financial statement database will support 2013 U.S. GAAP Taxonomy, but not the older 2011 taxonomy.
If approved by the commission, the latest release of EDGAR, 13.1, is scheduled to take effect on April 29.
The SEC said that remaining filers who have not yet transitioned from the 2011 U.S. GAAP Taxonomy must transition to a supported version with their next submission on or after this date.
The U.S. GAAP taxonomy uses interactive data based on Extensible Business Reporting Language, or XBRL, technology.
The SEC staff is strongly encouraging filers to use the most recent version of the U.S. GAAP Taxonomy releases for their interactive data submissions to take advantage of the most up-to-date tags related to new accounting standards and other improvements. The Financial Accounting Standards Board is now responsible for keeping the U.S. GAAP Taxonomy up to date.
The SEC also maintains a number of other taxonomies based on XBRL technology, which makes it easier to analyze financial data across different companies and industries. For a complete listing of all supported taxonomies, see the SEC’s Standard Taxonomies page at http://www.sec.gov/info/edgar/edgartaxonomies.shtml.
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