SEC Issues Final Rule Adopting Updated EDGAR Filer Manual
The SEC recently issued a final rule1 adopting revisions to the EDGAR Filer Manual. Those revisions have been made primarily to support the U.S. GAAP 2013 XBRL taxonomy and to implement the new Form 13F online application. The EDGAR system is expected to be upgraded on May 20, 2013, to reflect these changes.
U.S. GAAP 2013 XBRL Taxonomy
Upon the completion of the upgrade to support the U.S. GAAP 2013 XBRL taxonomy, the EDGAR system will no longer accept interactive data files that use the U.S. GAAP 2011 XBRL taxonomy. As noted on the SEC’s Web site, the “SEC staff strongly encourages companies to use the most recent version of the [U.S. 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 U.S. GAAP 2013 XBRL taxonomy reflects accounting standards issued during the past year and other corrections and improvements to the 2012 U.S. GAAP XBRL taxonomy. Changes to the U.S. GAAP 2013 XBRL taxonomy include the (1) addition of new elements (i.e., XBRL tags), (2) deprecation or replacement of previously existing elements, and
(3) modification of element definitions and other attributes. When converting from their prior taxonomy to the most current taxonomy, registrants are encouraged to review all elements and the related attributes in their filing to understand the impact of the change (i.e., they should not focus only on deprecated or replaced elements).
Release notes on the taxonomy, which include a summary of changes from the 2012 taxonomy release, are available on the FASB’s Web site. In addition, the FASB’s Web site contains links to guidance and supporting documents about the details of the changes.
Form 13F Online Application
The final rule notes that after the EDGAR upgrade to implement the new Form 13F2 online application, “Form 13F may only be filed using the new online version of the form available on the EDGAR Filing website or constructed by filers according to the new ‘EDGAR Form 13F XML Technical Specification’ document.” Form types 13F-HR, 13-HR/A, 13F-NT, and 13-NT/A will be accessible by selecting the “File Form 13F” link on the EDGAR filing Web site. Registrants will no longer be able to use the EDGARLink online application to complete Form 13F.
[1] SEC Final Rule Release No. 33-9403, Adoption of Updated EDGAR Filer Manual. The final rule will become effective once it is published in the Federal Register.
[2] Form 13F, Information Required of Institutional Investment Managers Pursuant to Section 13(f) of the Securities Exchange Act of 1934 and Rules Thereunder.
