IFRS – XBRL Custom Tags Trend

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The staff in the Commission’s Division of Economic and Risk Analysis (DERA) recently analyzed custom tags used in eXtensible Business Reporting Language (XBRL) submitted by issuers to comply with rules requiring financial statement information be reported in XBRL.^[1] Our analysis covered XBRL data submitted in Forms 20-F, 20-F/A, 40-F and 40-F/A for fiscal years 2017 through 2024^[2] by filers preparing their reports using International Financial Reporting Standards as issued by the International Accounting Standards Board. The purpose of the analysis was to analyze trends in filers’ use of custom tags^[3] in their XBRL financial data for the aforementioned forms in two categories: 1) financial statements and 2) the entire filing.

The Commission’s rules allow filers to create custom tags when the standard taxonomy does not provide an appropriate element to tag the disclosure. While this customization accommodates unique circumstances in a filer’s particular disclosure, the Commission has acknowledged that the use of custom tags could potentially reduce the comparability of inter-company data.^[4] Thus, the Commission’s rules specify the limited circumstances under which a filer may create custom tags.^[5]

DERA staff intends to continue reviewing filers’ use of XBRL custom tags in their submissions to the Commission. Depending on the results of those efforts, DERA staff may share additional trends, issue guidance, or pursue other actions.

For the staff observations DERA staff published in 2014 on custom tag rates, see Staff Observations of Custom Tag Rates. For the staff’s previous trend analyses on custom tags, see the Trends section on Office of Structured Disclosure Staff Observations, Guidance, and Trends. DERA staff welcomes your questions and comments. Please email us at StructuredData@sec.gov.

[1] Release No. 33-9002 (Jan. 30, 2009) and Release No. 33-10514 (Jun. 28, 2018).

[2] Fiscal years are based on filers' self-designations. Our analysis includes custom tags of line item tags and excludes tags that are abstract, domain member, and domain. For definitions, see XBRL glossary.

[3] 17 CFR 232.405(c)(1)(iii).

[4] Release No. 33-9002 (Jan. 30, 2009).

[5] See 17 CFR 232.405(c)(1)(iii)(B) (“An electronic filer must create and use a new special element if and only if an appropriate tag does not exist in the standard list of tags for reasons other than or in addition to an inappropriate standard label.”).

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