We are happy to announce that the following SEC Taxonomies are now supported in the Workiva platform:

• 2024 U.S. GAAP Financial Reporting Taxonomy (GRT)
• 2024 Closed-End Fund (CEF)
• 2024 Executive Compensation Disclosure (ECD)
• 2024 Variable Insurance Product (VIP)
• 2024 Resource Extraction Payments (RXP)

As mentioned in the SEC announcement for the 2024 XBRL Taxonomies Update, the SEC does not anticipate the removal of the 2022 versions of any taxonomies to occur before June 2024. Similarly, once those taxonomies are no longer supported, we’ll update you here as well. The SEC strongly encourages companies to use the most recent version of taxonomy releases for their XBRL® filings to take advantage of the most up-to-date tags related to new accounting standards and other improvements.

With EDGAR Release 24.1 additional warning validations were added to identify 2024 GRT deprecated elements. The good news here is no action is required on your part until you migrate to the 2024 taxonomy and these will not prevent you from filing.

If you want to learn more about the taxonomy changes, we will be hosting our annual US GAAP Taxonomy Updates in late May. We will share registration information here as soon as we’ve finalized the dates! 

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When migrating to a new taxonomy, you can check out this help article on Deprecated Elements and Suggestions to assist you the process.

We are here to help

Should you need help with migrating to the latest taxonomy, the Workiva Professional Services team is available for any of your tagging needs.  Please don't hesitate to reach out to your Account Rep, CSM or PSM.