Monday, June 26. 2023
SEC Issues June 2023 XBRL Taxonomies Update
The following taxonomies will be accepted in the EDGAR system for the first time:
- Open-End Fund (OEF) taxonomy - including the elements for tagging the disclosures required by the SEC's rules on Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds
- Resource Extraction Payments (RXP) and Sub-National Jurisdiction (SNJ) taxonomies, including the elements for tagging the disclosures required by the SEC's rules on Disclosure of Payments by Resource Extraction Issuers
As part of the EDGAR system upgrade to Release 23.2, the 2021 versions of the following taxonomies will no longer be accepted in the EDGAR system (including quarterly releases):
- US Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards (IFRS)
- SEC Reporting Taxonomy (SRT)
- Countries (COUNTRY)
- Currencies (CURRENCY)
- Document and Entity Information (DEI)
- Exchanges (EXCH)
- North American Industry Classification System (NAICS)
- Risk/Return (RR)
- Standard Industrial Classification (SIC)
- State and Province (STPR)
- Closed-End Fund (CEF)
Pursuant to the applicable compliance dates set by the SEC, the OEF, RXP, and SNJ taxonomies will not be required for filer submissions until December 2023 or later. The public and affected filers may submit comments on these and other taxonomies concerning potential changes related to future updates. Feedback may be sent via email to StructuredData@sec.gov and the name of the taxonomy should appear in the subject line.
The SEC recommends that registrants use the most recent version of taxonomy releases for their XBRL filings to benefit from the most current tags related to new SEC rules, new accounting standards, and other updates. For a complete list of supported standard taxonomies, visit the Standard Taxonomies webpage on the SEC’s website.
Note that the latest version of the GoFiler family of products (5.19a) supports all of the above taxonomies. As always, we recommend you keep your software up to date to receive the latest changes from the SEC.
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