Posted on Monday, March 7, 2016

The SEC announced that the EDGAR system was upgraded to Release 16.0.3 which now supports the 2016 US GAAP, 2016 COUNTRY, 2016 CURRENCY and 2016 EXCH taxonomies. The 2016 US GAAP Taxonomy is the same release that was posted by the FASB on their site on December 17, 2015. The staff noted that they encourage companies to use the most recent version of the taxonomies to take advantage of current tags to handle new accounting standards and other improvements. They are encouraging filers to use the new taxonomies for reporting periods that end after March 7, 2016.

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