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SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL
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The SEC has released an updated version of its EDGAR company filings database that does not support the 2013 GAAP taxonomy for the XBRL tagging of financial reports.
Release 15.2 of EDGAR, which came out Monday, also no longer supports the 2013 EXCH taxonomy.
The SEC adopted the 2015 GAAP financial reporting taxonomy March 9. The GAAP taxonomy is a list of computer-readable tags in extensible business reporting language (XBRL) format.
Companies can use XBRL to tag data in financial statements and footnote disclosures. The tags allow financial statement users to search for, assemble, and process data from the filings.
A list of standard taxonomies supported by the SEC is available on the commission’s website.
Also see: “Recommendations Could Help SEC Improve EDGAR Database.”
—Jeff Drew (jdrew@aicpa.org) is a JofA senior editor.