We are thrilled to announce that the ECD 2023 Taxonomy has been released in the Workiva platform and is now available as a standalone taxonomy as needed for proxy filings and also within the US GAAP 2023 and US GAAP 2023 (CEF 2023) taxonomies.
For filers that have already migrated to US GAAP 2023, the combination taxonomy has been automatically released and updated to include ECD 2023. Please note the ECD 2023 taxonomy is only compatible with taxonomies of the same version year per the SEC and will require migration if an older version of the taxonomy is currently in use.
With the release of the new combination taxonomies, the following new product features have also been introduced.
Tabbed XBRL Outline (including Editable and Static)
The Editable tab will contain your US GAAP taxonomy outline and will function the same as historical XBRL outlines, allowing modifications as needed.
The Static tab will include a view-only XBRL outline for those taxonomies that do not require modification or user maintenance. This simplifies the process for ECD and CEF taxonomies, while allowing you view concept details, drag and drop concepts onto your facts for tagging, and quickly review tagging in your document by highlighting tagged data when the corresponding concepts are selected in the outline.
Tagging within the ECD and CEF taxonomies will include generation of automated Presentation, Calculation, Label and Definition Linkbase files based solely on the tagging within the document.
These improvements have been made to simplify the process of complying with the new Insider Trading disclosure requirements, for more information on this topic, you can also visit the Community article for Insider Trading Arrangements Quarterly Disclosure and Tagging Requirements - Are you Ready?
Please do not hesitate to contact us if you have any questions.