The US Securities and Exchange Commission (SEC) has accepted the 2025 taxonomies for financial reporting as announced by the Financial Accounting Standards Board (FASB).
These taxonomies include GAAP Financial Reporting Taxonomy (GRT) and the SEC Reporting Taxonomy (SRT), as well as the GAAP Employee Benefit Plan Taxonomy (EBPT).
The FASB has also finalised the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT).
These along with the GRT, SRT, and EBPT, are collectively known as the FASB Taxonomies.
The 2025 GRT has been updated to reflect the latest accounting standards and includes other recommended improvements, FASB said.
The EBPT, which is used for tagging annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K, also sees updates from its 2024 version.
The SRT has been enhanced for elements not specified by GAAP but commonly used by GAAP filers, and for SEC schedules related to supplemental information.
The DQCRT for 2025 differs from typical XBRL taxonomies as it focuses on conveying the XBRL US Data Quality Committee’s validation rules.
It contains a subset of these rules, mainly for regulator use, and is not intended for use in SEC filers’ extension taxonomies, added FASB.
The GAAP MMT for 2025 includes relationships to assist preparers in identifying proper elements and data users in consuming data, as well as in writing business rules that leverage the additional relationship information.
These relationships complement existing XBRL relationships by adding base level accounting model relationships.
Earlier in January 2025, FASB called for stakeholder input on a proposed accounting standards update aimed at improving the FASB Accounting Standards Codification.
The board identified no less than 34 issues for revision to enhance GAAP.
Stakeholders can review and comment on the proposed changes until 22 April 2025.
