US SEC adopts US GAAP taxonomies
28 Mar 2012
On 26 March 2012 the US Securities and Exchange Commission (SEC) updated its EDGAR system to support registrants’ use of the US GAAP 2012 taxonomies and the US Mutual Fund Risk/Return Summary 2012 taxonomy for interactive data (XBRL) submissions.
The taxonomies are available on the SEC’s website.
The SEC also issued a final rule that revises the EDGAR Filer Manual to support upgrades to the 2012 taxonomies. As noted on the SEC’s website, the 'SEC staff strongly encourages companies to use the most recent version of the [US GAAP taxonomies] for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements'. The US GAAP 2012 taxonomies reflect accounting standards issued during the past year and other corrections and improvements to the 2011 US GAAP taxonomies.
Release notes on the taxonomies, which include a summary of changes from the 2011 taxonomies release, are available on the SEC’s website. In addition, the FASB’s website contains links to guidance and supporting documents about the details of the changes.
