The Financial Accounting Standards Board (FASB) on Dec. 16 released the following taxonomies for 2025: GAAP Financial Reporting Taxonomy (GRT), SEC Reporting Taxonomy (SRT), GAAP Employee Benefit Plan Taxonomy (EBPT), DQC Rules Taxonomy (DQCRT), and the GAAP Meta Model Relationships Taxonomy (MMT).
The 2025 GRT contains updates for accounting standards, including disaggregation of income statement expenses, profits interest and similar awards, and induced conversions of convertible debt instruments, and other recommended improvements. The 2025 EBPT contains updates from the 2024 EBPT for elements specifically created for SEC Release Nos. 33-11070; 34-95025 which includes requirements for XBRL tagging of annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K.
The 2025 SRT contains improvements for elements whose underlying recognition and measurement aren’t specified by GAAP but are commonly used by GAAP filers and for SEC schedules related to supplemental information provided by insurance underwriters.
The DQCRT is uniquely structured from the typical design of XBRL taxonomies because it’s narrowly focused on conveying the XBRL U.S. Data Quality Committee’s (DQC) validation rules, predominantly for regulator use. It’s not intended to be used in SEC filers’ extension taxonomies. The DQCRT contains a subset of the DQC rules. The FASB taxonomy staff evaluates the validation rules for inclusion in the DQCRT that have been available for use for more than a year, with consideration for how the DQC addressed any feedback received on a validation rule.
The 2025 MMT includes relationships that are focused on accounting model information, which are viewed as helpful information for constituents. The objectives of the relationships in the MMT are to assist preparers in identifying the proper elements for tagging their filings, assist data users in the consumption of data with additional relationship information, and assist in writing business rules that leverage the additional relationship information to assist with the proper element selection and identification.
The 2025 GRT, 2025 SRT, and 2025 EBPT are expected to be accepted as final by the Securities and Exchange Commission in early 2025. The FASB taxonomies are available on the FASB Taxonomies page and through the following links:
Questions about using the FASB taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with the SEC rules should be directed to the SEC. SEC details and guidance are available at the SEC’s Office of Structured Disclosure.
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Tags: Accounting, Accounting Standards, SEC
