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2021Q4 XBRL Taxonomies Update

If you are a filer or preparer of compliance reports, then you are probably not new to the concept of taxonomies. An electronic dictionary of the reporting concepts, a Taxonomy consists of all the data definitions, the basic XBRL properties, and the interrelationships amongst these concepts. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definitional relationships among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user.

Therefore, any changes, modifications, or updates to the Taxonomy can have a significant impact on the day-to-day functioning of your team and organization.

At DataTracks, we strive to bring you the latest updates from the world of compliance. In a recent update, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was upgraded to Release 21.4.

As of December 20, 2021, EDGAR supports the 2021Q4 versions of the taxonomies where:

  • The Closed-End Fund taxonomy will be accepted for the first time, and
  • The Document and Entity Information taxonomy has been updated to include elements for tagging auditor information.
  • If a filer attempts to use the 2021Q4 version of the DEI taxonomy and align it with the 2020 version of another taxonomy in the same filing, an unsuccessful filing will result.
  • The auditor information tagging elements are required for Forms 10-K, 20-F, and 40-F for periods ending after December 15, 2021. The newly required auditor tags are:
    • AuditorName
    • AuditorFirmId
    • AuditorLocation

Apart from this, the update also comes with upgraded versions of the other taxonomies that were released during March 2021.

  • Countries (COUNTRY)
  • Currencies (CURRENCY)
  • Exchanges (EXCH)
  • North American Industry Classification System (NAICS)
  • Risk-Return (RR)
  • Standard Industrial Classification (SIC)
  • State and Province (STPR)
  • Variable Insurance Product (VIP) – DRAFT

Now that you are aware of the most recent update, have you put some thought into how you are going to use the most current version of taxonomy releases for your XBRL exhibits? Transition to the 2021Q4 taxonomies with a reliable, efficient, and agile partner like DataTracks and leverage successful filings.

Get in touch with our XBRL experts to understand how SEC compliance reporting can be simplified with DataTracks’ Fully Managed Services.