SEC Enhances EDGAR with 2024 XBRL Taxonomies: New Features to Streamline Reporting Processes

SEC Enhances EDGAR with 2024 XBRL Taxonomies: New Features to Streamline Reporting Processes

By Prathamesh 27 March, 2024
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The US Securities and Exchange Commission (SEC) has implemented an upgrade to Release 24.1 of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, supporting the latest 2024 XBRL taxonomies. Notably, the new Self-Regulatory Organization (SRO) taxonomy facilitates tagging for central matching service providers’ annual reports, mandated by the final rules on Shortening the Securities Transaction Settlement Cycle.

While no new versions of the Filing Fee Disclosure (FFD) taxonomy were introduced, the 2024 US GAAP Financial Reporting taxonomy now includes elements for tagging financial statements in employee stock purchase and similar plans’ annual reports.

Other 2024 taxonomies cover areas such as Closed-End Fund (CEF), Countries (COUNTRY), and Currencies (CURRENCY). Although both 2024 and 2023 taxonomy versions are accepted, companies are encouraged to adopt the latest releases for their XBRL filings to benefit from updated tags and enhancements.

To find out more details please visit : https://www.sec.gov/