SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL

By Jeff Drew

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.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.