DataTracks upgrades its DMS to include 2018 taxonomy for XBRL filings with SEC
DataTracks is pleased to report that their products and services now include the 2018 GAAP Financial Reporting Taxonomy and the new SEC Reporting Taxonomy (SRT), recently approved by the Securities and Exchange Commission. On 22nd March 2018, the SEC announced its adoption of a new set of taxonomies, developed by the Financial Accounting Standards Board (FASB); FASB is the governing body overseeing the development and maintenance of taxonomy for use by public companies to file reports with the SEC in XBRL or Inline XBRL formats.
The SEC releases an updated taxonomy standard every year, taking into account the need for modifications or new elements based on documents filed in the previous year. An interesting modification to the 2018 taxonomy is the introduction of SRT, which contains elements pertaining to financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas production activities.
DataTracks today successfully test-filed with the SEC, an XBRL document tagged with 2018 taxonomy. “We are committed to making document management effortless. To that end, our solution evolves constantly, incorporating the latest frameworks adopted by regulators, so that our customers are always abreast of developments, no matter how recent,” says Balaji Muthukrishnan, Senior Vice President of Service Delivery at DataTracks. “Thanks to our strong technology team and a robust change management process, our application is built modularly, allowing new taxonomy sets to be plugged in without extensive re-development. This helps us save significant time, letting us and launch updates as early as possible, following the modification of regulations,” he adds.