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Impacts of EDGAR update 20.2 to Wdesk XBRL

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  • Official comment
    Mike

    Hi all!

    Quick update here. As promised, both the 2020 DEI and 2020 IFRS are now available for use in Workiva. The Sec-IFRS 2020 taxonomy only contains a handful of changes. Six new elements were added and are related to IFRS 7 Financial Instruments: Disclosure. In addition, since the DEI taxonomy is added to 2018, 2019 and 2020 US GAAP taxonomies, there's also an indicator in your document to show which DEI taxonomy you are using. Here's an example of what you would see:

    We recommend customers migrate to the US GAAP 2020 (DEI 2020). In addition, all filers who are using the US GAAP 2018 with DEI 2018 or DEI 2019 must migrate as the 2018 taxonomy is no longer supported.

    Lastly, per SEC Final Rule - Release No. 34-88365, a new check box indicating whether an Internal Control over Financial Reporting (ICFR) Auditor Attestation is included in a filing is required for annual reports filed on or after the final amendments’ effective date (April 27, 2020). The 2020 DEI taxonomy contains one new boolean element, IcfrAuditorAttestationFlag, for this new disclosure. Furthermore, we expect this disclosure to be added to 10-K, 20-F and 40-F cover pages too. Customers filing 10-Q’s that were recently migrated to 2020 (2019 DEI) taxonomy can continue to use that taxonomy as this new disclosure and element is only required for annual forms. If you prefer to have the most updated DEI, you can migrate to the 2020 taxonomy with 2020 DEI. Finaly, note that at this time no updates will be made to the 2019 SEC-IFRS taxonomy to include the 2020 DEI taxonomy. You will need to utilize the 2020 SEC-IFRS taxonomy to access the DEI element IcfrAuditorAttestationFlag which would require a migration.

    Thanks and as always, let us know what questions you have here or at Customer Support. And happy migrating! 🤜 🤛

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