FASB Proposed Technical and Other Conforming Improvements for 2025 U.S. GAAP Taxonomy

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FASB Proposed Technical and Other Conforming Improvements for 2025 U.S. GAAP Taxonomy

Oct. 9, 2024

The Financial Accounting Standards Board (FASB) staff has issued proposed technical and other conforming improvements for the 2025 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed taxonomy improvements include new elements primarily related to business development companies' disclosure, private company accounting alternatives, and deprecations for guidance that has been superseded. The proposed improvements also include modified standard and documentation labels to clarify elements and improve appropriate usage, as well as modified references to assist with element selection.

The comment period for the proposed taxonomy improvements for the 2025 U.S. GAAP Financial Reporting Taxonomy ends on October 31, 2024. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.

Last Reviewed or Updated: Oct. 9, 2024