SEC release draft 2025 Taxonomies for public feedback

Posted on September 29, 2024 by Editor

The US Securities and Exchange Commission (SEC) has released the draft 2025 SEC taxonomies for public review and feedback.

This update is part of the annual revision of taxonomies used in the EDGAR system, helping ensure that structured data remains accurate and current. It proposes revamps across several areas, including currencies, cybersecurity disclosures, and executive compensation reporting.

The draft contains updates to various taxonomies, designed to improve data tagging and streamline electronic submissions in iXBRL. Highlights of the changes include updates to the Currencies Taxonomy with modifications to the ISO 4217 standard. For instance, the Croatian Kuna (HRK) has been deleted following the country's transition to the Euro, while Zimbabwe's Gold (ZWG) has been introduced. The cybersecurity taxonomy has also been expanded to support new SEC rules requiring disclosures on cybersecurity risks and incidents, underscoring the growing importance of this area in corporate reporting.

Stakeholders, including filers, service providers, and data users, are encouraged to review the draft and submit feedback by 18 November.

To explore the draft and share your insights, visit the SEC's taxonomy page here.