SEC to drop old GAAP taxonomy

Jun 07, 2012

The SEC plans to remove the 2009 U.S. GAAP Taxonomy in July when it upgrades to the latest version of its EDGAR online system of financial filings, as reported by Accounting Today.

The SEC on July 2 will upgrade EDGAR to Release 12.1. EDGAR will then no longer support the 2009 U.S. GAAP Taxonomy, which is a system that uses Extensible Business Reporting Language, or XBRL, technology to provide interactive data tags that allow investors and financial analysts to compare financial statements across companies and industries more easily.

In addition, the new version of EDGAR will no longer support:

  • U.S. GAAP Taxonomy 1.0.
  • U.S. Financial Reporting Taxonomy Framework 2005.
  • U.S. Schedule of Investments Taxonomy 2008.
  • Risk Return Taxonomy 2008.
  • Risk Return Taxonomy 2006.

Filings using these taxonomies will no longer be accepted in the EDGAR system.

The SEC staff is strongly encouraging companies to use the most recent version of the taxonomy releases for their interactive data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements. Click here for a complete listing of all the supported standard taxonomies.