Tuesday, September 14. 2021
SEC Releases Trend of Custom Tag Rates in XBRL Submissions from Fiscal Years 2018 to 2020
For IFRS filings, the assessment performed by DERA was done to analyze trends in filers’ use of custom tags in XBRL financial data for Forms 20-F, 20-F/A, 40-F and 40-F/A. The two categories focused on were: 1) financial statements only and 2) financial statements and notes. From 2018 to 2019, custom tag rates saw slight increases both for financial statements only and when combining financial statements and footnotes. This trend of modest increase continued in 2020.
DERA staff also evaluated trends in filers’ use of custom tags in XBRL submissions for US GAAP filings for Forms 10-K and 10-K/A. The analysis for these forms found that in 2020, an increase occurred in the average custom tag rates for filers across each status compared to 2019. This indicates a reversal of the decrease from 2018 to 2019 (not including smaller reporting companies, which have seen steady increases in the average custom tag rate since 2018).
DERA staff will continue reviewing filers’ use of XBRL custom tags in their submissions to the SEC, and depending on findings, DERA staff may share additional trends, issue guidance, or pursue other actions. To view additional Staff Observations, Guidance, and Trends, visit sec.gov.
Sources:
Trend of Custom Tag Rates in XBRL Submissions from Fiscal Years 2018 to 2020 (sec.gov)