ARTICLE
13 January 2022

SEC Reminds Filers To Use Updated DEI Taxonomy For Annual Report Filings

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Cadwalader, Wickersham & Taft LLP

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The SEC reminded companies to use the 2021Q4 version of the Document and Entity Information taxonomy for Electronic Data Gathering, Analysis, and Retrieval system filings.
United States Corporate/Commercial Law

The SEC reminded companies to use the 2021Q4 version of the Document and Entity Information ("DEI") taxonomy for Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system filings.

On December 21, 2021, SEC staff highlighted the the 2021Q4 taxonomy changes, (see SEC Release Notes for 2021Q4) for XBRL exhibits "to take advantage of the most up-to-date tags related to new accounting standards and other improvements." The staff urged filers to transition to "the 2021Q4 taxonomies for the earliest reporting period that ends after December 15, 2021."

In its current announcement, the SEC warned of compatibility issues, stating: "if a filer attempts to use the 2021Q4 version of the DEI taxonomy in conjunction with the 2020 version of another taxonomy in the same filing, the filing will be suspended." Further, staff reminded filers that "auditor information tagging elements are required for Forms 10-K, 20-F, and 40-F for periods ending after December 15, 2021," as required by the Final Rule on Holding Foreign Companies Accountable Act Disclosure (effective January 10, 2022). The 2021Q4 version of the DEI taxonomy is compatible only with 2021 versions of the other taxonomies. For more information, the staff directs filers to Section 6.5.54 of the EDGAR Filer Manual (Volume II).

Primary Sources

  1. SEC Announcement: Taxonomy Compatibility for Newly Required Auditor Tags in DEI-2021Q4 Taxonomy
  2. SEC Release No. 34-93701: Holding Foreign Companies Accountable Act Disclosure
  3. SEC: Release Notes for CEF and DEI Taxonomies 2021Q4

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