FASB proposes 2025 taxonomy improvements

Posted on October 18, 2024 by Editor

The US Financial Accounting Standards Board (FASB) has issued proposed technical improvements to the 2025 US GAAP Financial Reporting Taxonomy, inviting public feedback by 31 October 2024.

The enhancements aim to refine the clarity of taxonomy elements, including updates to labels and references to aid accurate element selection. Key improvements also involve deprecating outdated guidance to streamline reporting. This proposal continues FASB's ongoing efforts to maintain a robust taxonomy that supports high-quality digital financial reporting in XBRL format.

For more details, see the original announcement here.