FASB Releases 2024 Taxonomies with Integrated Calculations 1.1 Specification

FASB Releases 2024 Taxonomies with Integrated Calculations 1.1 Specification

By Prathamesh 8 January, 2024

The US Financial Accounting Standards Board (FASB) has introduced the 2024 GAAP Financial Reporting Taxonomy (GRT), which now includes the Calculations 1.1 specification. This specification, finalised by XBRL International earlier this year, is designed to improve the calculation function of XBRL regarding rounded numbers. It aims to prevent calculation errors that can occur when figures in the thousands or millions are rounded up, thereby reducing ‘false positive’ calculation errors.

In addition to the 2024 GRT, FASB has also published the new 2024 SEC Reporting Taxonomy and 2024 DQC Rules Taxonomy. Together, these three form the FASB Taxonomies. The 2024 GRT, a crucial part of the FASB Taxonomies, includes updates to align with the latest accounting standards. Significant enhancements have been made, including provisions for SEC Release Nos. 33-11070 and 34-95025. These releases introduced substantial electronic filing requirements, including the submission of financial statements in Inline XBRL.

The updates also cover rules related to various areas such as crypto assets, segment reporting, improvements to income tax disclosures, joint venture formations, and more. The integration of Calculations 1.1 is expected to enhance data quality by reducing calculation errors.

To find out more details please visit : https://www.fasb.org/