EDGAR 24.1 Launch- SEC’s Latest Update Unveiled
The Securities and Exchange Commission (SEC) of the US created the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) filing system to streamline and enhance the accessibility of corporate filings. Every publicly traded company submits necessary documents to the SEC using EDGAR filings.
Annually, the SEC EDGAR system handles approximately 3,000 filings daily, distributes 3,000 terabytes of data to the public, and accommodates an average of 40,000 new filers.
Release of EDGAR 24.1
In order to improve EDGAR filer access and account management, the SEC constantly reforms its rules and amendments. In response, the SEC released EDGAR version 24.1. On March 18, 2024, the following changes were introduced:
1.The Interactive Data section, Chapter 6, of the EDGAR Filer Manual will be updated to remove detailed XBRL formatting and validation instructions. Instead, these technical details and recommendations will be accessible via a new EDGAR XBRL Guide on SEC.gov.
The revised Chapter 6 will provide XBRL material to complement Chapter 3, Index to Forms, by highlighting XBRL-formatted documents associated with specific EDGAR forms and submission types. Furthermore, the new chapter 6 will explain how EDGAR’s Interactive Data submissions use the XBRL information model, including the function of taxonomies and instances in this framework.
2. EDGAR now permit filers to submit forms 11-K, 11-KT, 11-K/A, and 11-KT/A in Inline XBRL format.
3. Filers can now submit forms 17AD-27 and 17AD-27/A in Inline XBRL format with data elements specified in Rule 17Ad-27(b)(1) through (5). These forms also allow filers to request confidential treatment for parts of the document that they want to keep private and not publicly disclosed.
4. The new EDGAR release will accept 2024 versions of the below taxonomies:
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- US-GAAP, SRT (published by FASB)
- CEF, COUNTRY, CURRENCY, DEI, ECD, EXCH, FFD, FND, NAICS, OEF, SIC, SNJ, SRO, STPR, VIP (published by SEC)
5. EDGAR will now recognize validations using the FASB’s 2024 XBRL US Data Quality Committee Rules Taxonomy (DQCRT).
6. Following the United States Court of Appeal for the Fifth Circuit’s decision to vacate the Share Repurchase Disclosure Modernization rule, references to submission types F-SR, F-SR/A, Exhibit 26 of Forms 10-K and 10-Q, and the SHR taxonomy have been removed from the EDGAR Filer Manual. The SHR taxonomy has also been eliminated from EDGAR.
7. The EDGAR Filer Manual will be updated to include references to SC 13D, SC 13G, SC 13D/A, SC 13G/A, SCHEDULE 13D, SCHEDULE 13D/A, SCHEDULE 13G, and SCHEDULE 13G/A. The submission types will have a “Filing Date” that matches the EDGAR “Received Date,” regardless of whether they are received after 5:30 p.m. Eastern Time. These will be disseminated until 10:00 p.m. Eastern Time, as outlined in EFM Vol. II, Chapter 3.
8. The reference to 8-K and 1-U items in the EDGAR Filer Manual will be updated in Table 7-1: Information Fields Available on Main Page.
EDGAR Releases 24.01 and 24.02
On January 29, 2024, EDGAR 24.01 introduced these changes:
1.The checkbox titled “Attach Inline XBRL Fee Tagging Exhibit” on the “Documents” tab in EDGAR Link Online was renamed to “Attach Inline XBRL Filing Fee Exhibit” for the 72 submission types that incur fees.
2.The submission type SC 13E1 was updated to eliminate the “Is Fee Table/Exhibit included?” checkbox from the EDGAR Link Online “Main” tab. Consequently, filers then included an EX-FILING FEES exhibit as an attachment in their SC 13E1 filings.
On February 5, 2024, EDGAR 24.02 introduced the changes mentioned below:
- The “cut-off” times for filing Schedule 13D, Schedule 13G, and corresponding amendments were extended from 5:30 p.m. to 10:00 p.m. Eastern Time. These submissions were assigned a “Filing Date” that matched the EDGAR “Received Date,” regardless of submission after 5:30 p.m. Eastern Time. They were disseminated until 10:00 p.m. Eastern Time.
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Also read : Choose DataTracks for SEC XBRL reporting and forget about taxonomy versions