On March 20, 2023, the SEC upgraded the EDGAR system to Release 23.1. The system now supports the 2023 reporting taxonomies. The SEC does not anticipate the removal of the 2021 versions of any taxonomies to occur before June 2023. For more information and a complete list of supported standard taxonomies, visit the
Standard Taxonomies webpage on
sec.gov.
With the exception of the International Financial Reporting Standards (IFRS) taxonomy, each of the 2023 taxonomies will be compatible only with other 2023 taxonomies. Although the 2023 version of the IFRS taxonomy is currently unavailable, the 2022 version of the IFRS taxonomy will be compatible with the 2023 versions of other taxonomies when used together with the 2022 version of the US GAAP taxonomy. Aside from this exception, if a filer attempts to use a 2023 taxonomy with an earlier version of another taxonomy in the same filing, the filing will be suspended.
The release also adds to the Executive Compensation Disclosure (ECD) taxonomy the elements needed for tagging disclosures required by the SEC’s final rule on Insider Trading Arrangements and Related Disclosures. The 2023 US GAAP Financial Reporting taxonomy and the 2023 SEC Reporting Taxonomy reflect the same taxonomy versions that the Financial Accounting Standards Board issued in December 2022.
Listed below are the 2023 taxonomies, which are the final versions of the draft taxonomies that were posted by the SEC for public comment in November 2022. (See the final 2022 taxonomies’ Release Notes for details regarding these changes.)
- Closed-End Fund (CEF)
- Countries (COUNTRY)
- Currencies (CURRENCY)
- Document and Entity Information (DEI)
- Executive Compensation Disclosure (ECD)
- Exchanges (EXCH)
- North American Industry Classification System (NAICS)
- Risk/Return (RR)
- Standard Industrial Classification (SIC)
- State and Province (STPR)
- Variable Insurance Product (VIP)
Following the taxonomies’ modifications, the SEC recommends that:
- filers consider transitioning to the 2023 taxonomies for the earliest reporting period that ends after March 20 2023, but not for reporting periods that end before March 20, 2023
- companies use the latest version of taxonomy releases for their XBRL exhibits to make use of the most current tags associated with new accounting standards and other enhancements
The latest version of the GoFiler family of products (5.18a) supports required taxonomy changes. We recommend you keep your software up to date to receive the latest changes from the SEC.
Source:
2023 XBRL Taxonomies Update (sec.gov)
