SEC Accepts 2020 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

The FASB has announced that the SEC has accepted the 2020 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy. The 2020 taxonomies reflect accounting standards issued during the past year as well as other corrections and improvements.

The SEC also has upgraded its EDGAR system to support the 2020 U.S. GAAP, 2020 SEC Reporting, 2020 Countries, 2020 Currencies, 2020 Exchanges, and 2020 Standard Industrial Classification taxonomies. In addition, the EDGAR system will no longer support the 2013 and 2012 INVEST taxonomies.