The Securities and Exchange Commission has approved the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT), the Financial Accounting Standards Board said on March 18.
In addition, the FASB finalized the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT).
The five taxonomies are collectively referred to as the “FASB taxonomies.”
The 2025 GRT contains updates for accounting standards and other recommended improvements. The 2025 EBPT contains updates from the 2024 EBPT for elements for 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 Generally Accepted Accounting Principles but are commonly used by GAAP filers and for SEC schedules related to supplemental information, according to the FASB.
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 and contains a subset of the DQC rules, predominantly for regulator use, the FASB said. It’s not intended to be used in SEC filers’ extension taxonomies. The 2025 MMT includes relationships that assist preparers in identifying the proper elements, data users in the consumption of data, and in writing business rules that leverage the additional relationship information.
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, the FASB said. SEC details and guidance are available at the SEC’s Office of Structured Disclosure.
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