SEC 2024 XBRL taxonomies update

Posted on March 22, 2024 by Editor

On 18 March the US Securities and Exchange Commission (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system underwent an upgrade to Release 24.1, now supporting the 2024 taxonomies.

Notably, the new Self-Regulatory Organization (SRO) taxonomy facilitates tagging central matching service providers’ annual reports, as mandated by the final rules on Shortening the Securities Transaction Settlement Cycle. {Ed — Yup — T+1 fun is just 67 days away.}

In this release, no new versions of the Filing Fee Disclosure (FFD) taxonomy from the previous update on 26 January 2024 are introduced. Additionally, the 2024 version of the Fund (FND) taxonomy remains unchanged from the previous year’s release.

The 2024 US GAAP Financial Reporting taxonomy now includes elements for tagging financial statements in employee stock purchase and similar plans’ annual reports. These changes align with the final rules on Updating EDGAR Filing Requirements and Form 144 Filings.

Other 2024 taxonomies include Closed-End Fund (CEF), Countries (COUNTRY), Currencies (CURRENCY), and more. While EDGAR will accept both 2024 and 2023 taxonomy versions, companies are encouraged to adopt the latest releases for their XBRL filings to leverage updated tags and improvements.

For a comprehensive listing of supported standard taxonomies, visit the website here.

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