On March 21st, the SEC upgraded the EDGAR system to Release 22.1. The system now supports the 2022 reporting taxonomies, which are the final versions of the draft taxonomies that were posted by SEC staff for public comment on September 1, 2021. Refer to the final 2022 taxonomies’ Release Notes for details of the changes.
With the exception of the International Financial Reporting Standards (IFRS) taxonomy, each 2022 taxonomy will be compatible only with other 2022 taxonomies. The 2022 version of the IFRS taxonomy is not currently available. The 2021 version of the IFRS taxonomy will be compatible with the 2022 versions of other taxonomies when used together with the 2022 version of the US GAAP taxonomy. Apart from this exception, when a filer attempts to use a 2022 taxonomy with a previous year’s taxonomy in the same filing, the filing will be suspended. Should any new or updated taxonomies be required to be used for reporting periods that end on or after March 21, 2022, those newly required taxonomy versions will not be compatible with prior version years.
This release also marks the first time EDGAR will accept the Variable Insurance Product (VIP) taxonomy. VIP taxonomy provides the technical specifications for the use of the Inline XBRL format for submitting certain required disclosures in the variable contract statutory prospectus.
The following taxonomies are now accepted by the EDGAR system:
US GAAP Financial Reporting
SEC Reporting Taxonomy (SRT)
Closed-End Fund (CEF)
Document and Entity Information (DEI)
North American Industry Classification System (NAICS)
Standard Industrial Classification (SIC)
State and Province (STPR)
Variable Insurance Product (VIP)
The 2022 SEC Reporting Taxonomy (SRT) and the 2022 US GAAP Financial Reporting Taxonomy mirror the same taxonomies the Financial Accounting Standards Board (FASB) made available on its website on December 17, 2021. The SEC is not expecting the 2020 US GAAP, the 2020 SRT, or any prior year’s versions of the other taxonomies to be removed before June 2022.
Following the taxonomies’ upgrade, the SEC recommends that:
filers consider transitioning to the 2022 taxonomies for the earliest reporting period that ends after March 22, 2022, but not for reporting periods that end before March 22, 2022
companies use the latest version of taxonomy releases for their XBRL exhibits to make use of the most current tags associated with new accounting standards and other optimizations