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2016

March 8, 2016 — SEC's EDGAR System Now Supports the 2016 U.S. GAAP Financial Reporting XBRL Taxonomy

SEC’s EDGAR System Now Supports the 2016 U.S. GAAP Financial Reporting XBRL Taxonomy

Accounting Journal Entry
March 8, 2016 — Yesterday, the SEC staff announced an upgrade to its EDGAR system to support the 2016 U.S. GAAP financial reporting XBRL taxonomy. As stated on the SEC’s Web site, the SEC staff “strongly encourages companies to use the most recent version of the US GAAP taxonomy release for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements.” The staff noted that filers can transition to the 2016 taxonomy for reporting periods ending after March 7, 2016 (but not earlier). Further, the staff indicated that it expects to remove the 2014 U.S. GAAP financial reporting taxonomy from the EDGAR system no earlier than June 2016; after removal, the EDGAR system will not accept interactive data files based on the 2014 U.S. GAAP taxonomy.