The U.S. Securities and Exchange Commission’s (SEC) filing process is backed by the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which has long been at the vanguard of financial reporting. The International Financial Reporting Standards (IFRS) 2023 taxonomy was added to EDGAR in its most recent version, Release 23.2, which represents a significant advancement. In addition, the system now accepts new data formats as OEF, RXP, and SNJ taxonomies.
Companies utilize the IFRS, a widely accepted accounting system, to create and display their financial accounts. The most recent version of this standardized reporting language is the IFRS 2023 taxonomy. It introduces improvements that allow businesses to deliver more precise and thorough financial information.
A noteworthy accomplishment is the inclusion of the IFRS 2023 taxonomy in EDGAR Release 23.2. It indicates the SEC’s dedication to supporting the consistency of financial reporting around the world and complying with international accounting standards. By using this new standard, the EDGAR system helps businesses that operate in several jurisdictions file documents more easily and improves cross-border comparability of financial data.
With the acceptance of new data formats, EDGAR Release 23.2 makes even more advancements in addition to incorporating the IFRS 2023 taxonomy. The Open-End Fund (OEF), Revenue Recognition (RXP), and Securities and Notes Data (SNJ) taxonomy are some examples of these formats.
The SEC has designated December 2023 or later as the compliance deadline for the OEF, RXP, and SNJ taxonomies to facilitate a smooth transition. The 2021 versions of several taxonomies are likewise retired as part of the EDGAR system change. The changes should be used as quickly as feasible by XBRL filers to take advantage of the most recent SEC regulations, accounting standards, and improvements in their filings.
The upgrading to Release 23.2 of the EDGAR system is a significant step towards improving financial reporting and advancing international accounting standards.
Click here to read the original article published by DataTracks.
Please give your feedback on this article or share a similar story for publishing by clicking here.
