EDGAR 21.1 update and the 2021 taxonomy
Hi all!
As published here, as of March 22, 2021 the SEC released EDGAR version 21.1. In this release was support for the 2021 US GAAP (UGT) and 2021 SEC Reporting (SRT) taxonomies, along with other SEC taxonomies. The 2021 Risk Return (MFRR) taxonomy was also released with EDGAR 21.1 and this is available for use in Workiva. To access this taxonomy, you will need it to be enabled on your account. If you’d like it enabled, please reach out to support@workiva.com
As your trusted partner, Workiva continues to work hard to provide you with stellar service as we make these EDGAR upgrades seamless. Our Product Team is currently in-flight on adding these new taxonomies, and the necessary migration paths, to the Workiva platform. We anticipate having those available by mid-April 2021 and will update this post when they are released. You are also encouraged to follow What’s New to stay up-to-date on those releases.
Regarding the 2019 US GAAP and 2019 SRT taxonomies, as the above site mentions, the SEC does not anticipate removing support for those before June 2021. Similarly, once those are no longer supported, we’ll update you in the Community as well.
Lastly, this EDGAR update also supports new and updated data quality-enhancing checks for US GAAP filers included by FASB in the 2021 Data Quality Rules Taxonomy (DQCRT). These new data quality-enhancing checks will run on the 2021 UGT, but filers utilizing the 2020 UGT or 2019 UGT taxonomies may see these updates to existing negative value warning messages. Note that these data quality checks are expected to be SEC warning messages that will be similar to the existing DQC error messages.
Should you need any assistance in migrating to the MFRR (or other taxonomies once available), or have questions on any of the above, let us know and we’ll be happy to help.
Thanks as always, and happy filings!
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Official comment
We are happy to announce that the 2021 US GAAP Taxonomy (2021 UGT) is now supported in Workiva. It is recommended that those still in the 2019 taxonomy migrate to 2020, resolve any deprecated concepts and then migrate to 2021. Additionally, in the coming weeks we will be providing additional information and resources about taxonomy changes that may impact migration.
Recently posted was the 2021 US GAAP taxonomy guide, with loads of great info. Here ya go: https://support.workiva.com/hc/en-us/community/posts/360077677991-Your-Guide-to-the-2021-US-GAAP-Taxonomy-Update. Enjoy!
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Just announced, join us for a webinar on June 2nd all about our good pal, the 2021 US GAAP taxonomy. https://support.workiva.com/hc/en-us/community/posts/360078016592--Webinar-2021-US-GAAP-Taxonomy-Updates
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