New SEC EDGAR Upgrade
On June 10, 2019, the US Securities and Exchange Commission upgraded the EDGAR systems with the version update which is referred to as Release 19.2.
The SEC usually accepts the last 2 versions of the XBRL taxonomy, which means XBRL formats prepared on the basis of the last 2 versions of the taxonomy are only accepted by the SEC. With every new version announcement, the older version of the taxonomy is allowed to be used for preparing XBRL documents for a brief period of time and then such older versions of taxonomy are disallowed to be used.
Thus, with the current version SEC EDGAR upgrade of 19.2, the EDGAR systems will support only two recent versions of the GAAP taxonomy i.e. 2019 US GAAP and 2018 US GAAP taxonomy.
The EDGAR systems no longer support the supporting taxonomies 2016 Currencies (Currency), 2014 DEI, and 2017 Exchanges (EXCH) taxonomies.
What does this new SEC EDGAR upgrade mean for corporate filers?
Since the Q2 June end is not very far off, it is important for you to make sure which version of the taxonomy are you using?
If you are still using the 2017 US GAAP taxonomy, you need to ensure that you are transitioned to the most recent acceptable versions (SEC EDGAR Upgrade: Release 19.2.)
at the earliest. If the taxonomy is in the 2017 US GAAP version, the EDGAR systems are not going to accept such XBRL files.
Not just the transition to the acceptable version is important, but you should also ensure that the company taxonomy has been updated as per the new structuring-modeling of the taxonomy that you are going to use.
In order to avoid any last-minute panic, this is the opportune time to plan right ahead of time and make sure the SEC compliance reporting process for the upcoming Q2 is smooth.
The SEC staff encourages corporate filers to make use of the benefits of the most recent SEC EDGAR upgrade.
To know detailed information on the list of standard approved taxonomies which the SEC supports please click here.
Once SEC approves a new taxonomy, we always make sure our product; IRIS CARBON® supports the new version of the taxonomy at the earliest.
The Customer Success team of IRIS CARBON® encourages companies to be on the latest version of the taxonomy and proactively reaches out to the clients to let them know that there is a new taxonomy version released and suggest they move to the latest taxonomy. As a part of our offering, we do the version transition activity every year so that our clients can spend their time on other important areas which need more focus and attention.