FASB seeks comments on 2025 SEC reporting taxonomy improvements

Posted on October 7, 2024 by Editor

The Financial Accounting Standards Board (FASB) has published proposed improvements to the 2025 SEC Reporting Taxonomy (SRT), inviting public comment. The proposed changes focus on refining and updating elements in response to evolving industry needs, particularly in the oil and gas sector.

The improvements include the introduction of new elements specific to the oil and gas industry, reflecting recent developments in reporting requirements for this sector. Additionally, the FASB has modified standard and documentation labels across various elements to enhance clarity, ensuring that filers select the most appropriate elements for their financial statements. These label changes aim to reduce misinterpretation and improve the overall usability of the taxonomy. The FASB has also made changes to element references, which are expected to assist preparers in identifying the right elements for reporting.

The FASB is seeking feedback from filers, investors, analysts, and software providers on these proposed improvements. The comment period is open until 5 November 2024.

To review the proposed changes, see the full release notes here. Interested parties can submit comments via email to [email protected]