Taxonomy Update: GAAP 2021

Taxonomy Update: GAAP 2021

On March 22, 2021, the Securities and Exchange Commission (SEC) announced the release of the latest US-GAAP taxonomy. On that date, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system began accepting filings using the new taxonomy, but will continue to accept filings using the previous 2020 and 2019 taxonomies.

This new taxonomy includes a few changes from the previous taxonomy:

  • Added 419 new concepts, mostly technical improvements to the taxonomy
  • Deprecated 295 concepts, with suggestions to replace with dimension members
  • Deleted 561 concepts that had previously been deprecated
  • Updated Extensible Lists to use FASB’s Extensible Enumerations 2.0

Using the latest taxonomy is recommended by the SEC, but does your software provider offer the latest SEC and EDGAR updates? Our Transform platform allows users to tag in the latest taxonomy as well as stays up-to-date on updates to the EDGAR validation rules and latest previewer releases to assure all filings comply with the latest changes. Contact us today to see how we can help you with your filings.