EDGAR Filer Manual 19.2 Upgrade
The SEC’s filing platform, the EDGAR system collects, validates, and transmits the filings of listed companies and mutual funds to the SEC. The filings are typically in HTML, XBRL, and iXBRL formats. The SEC often updates its EDGAR system with new rules and validations to improve the accuracy and quality of the electronic filings. The SEC also releases a newer version of the EDGAR Filer Manual (EFM), a document that provides guidance for the preparation of electronic filings with every new version update.
On June 10, 2019, the SEC upgraded its EDGAR systems with its latest update, EDGAR Release 19.2.
Below are the major upgrades to EDGAR System in this release:
EDGAR system now supports the 2019 International Financial Reporting Standards (IFRS) taxonomy (2019 IFRS taxonomy)
The latest version of the IFRS taxonomy has been published by International Accounting Standards Board on the 27, March 2019. This update comes in connection with the following updates to the 2019 IFRS taxonomy:
Common reporting practice relating to disclosure requirements in IFRS 13 – Fair Value Measurement in full IFRS taxonomy
The common reporting practice refers to the information that is not explicitly required to be disclosed under the IFRS requirements but is commonly reported by the entities as a standard practice under various jurisdictions. The objective to introduce common practice elements is to
- Reduce the need to create element extensions by the entities and regulators
- Making tagging of financial reports more consistent and comparable
- Facilitates data consumption by bringing consistency in the tagging
130 new elements are added to the 2019 IFRS taxonomy related to relating to disclosure requirements in IFRS 13 – Fair Value Measurement.
Introduction of implementation notes or commentary guidance and other improvements.
For 142 elements in the taxonomy implementation notes or commentary, guidance is issued. This guide provides instructions on how a value should be reported for a particular element.
Below is an example of commentary guidance for the element
Other Improvements: There are further additional changes introduced in the taxonomy as described below.
- Balance attributes are defined as 3 elements related to contingent assets and liabilities, these elements did not have a balance attribute defined previously.
- The dataType of 17 elements has been changed from ‘monetary’ to ‘per share’. Eg: ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019
- 7 Duration element type elements are introduced
IFRS taxonomy has various entry points and they are bifurcated into 2 categories- “entry point with documentation labels” and “entry point without documentation labels”. In this version update, the entry point without the documentation label has been removed.
EDGAR system now supports 2019 Document and Entity Information (DEI) taxonomy
As per the FAST Act, Modernization and Simplification of Regulation S-K, information on the cover pages needs to be tagged in Inline XBRL for the Forms 10-K, 10-Q, 8-K, 20-F, and 40-F.
To support this requirement, the EDGAR system is now upgraded with the release of EDGAR update 19.2 to support the 2019 DEI taxonomy.
EDGAR system no longer supports the 2017 S. GAAP, 2016 Currencies (Currency), 2014 DEI, and 2017 Exchanges (EXCH) taxonomies.
The SEC expects all filers to use the latest available and approved taxonomies. To see detailed information on the list of standard approved taxonomies which the SEC supports please click here.
We encourage all Companies to be in line with the new updates introduced both by the SEC and the XBRL US Data Quality Committee.