FASB invites feedback on 2025 GAAP employee benefit plan taxonomy improvements

Posted on November 3, 2024 by Editor

The Financial Accounting Standards Board (FASB) has released proposed updates to the US GAAP Employee Benefit Plan (EBP) taxonomy, as part of the broader 2025 GAAP Financial Reporting Taxonomy. Issued with accompanying release notes, these updates outline technical and conforming adjustments intended to enhance the usability and accuracy of XBRL filings for employee benefit plans.

The FASB has opened a public comment period for these proposed changes, inviting feedback until 18 November 2024. Stakeholders-including filers, investors, analysts, software providers, and other interested parties-are encouraged to review and submit comments directly to the FASB. The Securities and Exchange Commission (SEC) staff also supports this participatory review, emphasising that collective input is essential to improving the creation and application of XBRL-structured financial statements for the EBP taxonomy. And if these updates help us get closer to seeing that extra vacation day clearly itemised; well, we're all for it!

This public review provides a valuable opportunity for stakeholders to engage directly with the taxonomy development process, influencing how critical financial data will be structured, reported, and accessed.

For more details, review the proposed taxonomy improvements and release notes here.