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2021 Taxonomy

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5 comments

  • Official comment
    Mike

    Hi Michelle!

    Wanted to let you know that the 2021 US GAAP taxonomy is now available for use in Workiva. 😊

    As noted there (and here) if you are using the 2019 taxonomy still, we recommend users to migrate first to 2020, address any items there, then migrate to the 2021 UGT. In addition, we've noted an observed difference in migration path documentation made available by FASB. Filers that have utilized the 2021 deprecated element New Accounting Principles, Early Adoption [Domain] in their outline should update to the element  Accounting Standards Update [Domain] which will not be visible in the migration path options.

    As always, give us a holler if there are any questions. Thanks, and happy migrating!

     

  • Mike

    Hi Michelle!

    Thanks for bringing this up. Luckily, I think I know what is happening.

    There was an Arelle update that was released on Feb. 4th, 2021, in an effort to support the proposed 2021 US GAAP Taxonomy (UGT). This update did impact validations in Workiva, one of which were additional warnings for proposed 2021 UGT deprecated elements. The good news here is no action is required on your part and these will not prevent a filing.

    Regarding the 2021 taxonomy itself, at this time it is not yet available nor supported by the SEC. However, we do anticipate it being approved in the coming weeks.

    Hopefully this helps answer your question. Let me know if you need any clarification or you have any follow-ups for me. Thanks as always and stay great!

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  • Michelle Redditt

    Got it! I think we usually migrate for 2Q...I just wanted to make sure I shouldn't be doing it earlier this time around. Thanks for your quick response!

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  • Mike

    You betcha!

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  • Michelle Redditt

    Thanks for the update! 

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