FASB Proposed Technical Improvements for 2025 U.S. GAAP Taxonomy

FASB Proposed Technical Improvements for 2025 U.S. GAAP Taxonomy

By Ez-XBRL Team 11 October, 2024
news

11 october 2024

The Financial Accounting Standards Board (FASB) staff has released proposed technical and conforming updates for the 2025 U.S. GAAP Financial Reporting Taxonomy, along with related release notes for public review. These proposed updates introduce new elements, mainly concerning business development company disclosures, private company accounting alternatives, and the removal of outdated guidance. Additionally, the updates include revised standard and documentation labels for better clarity and accuracy, as well as updated references to assist with element selection.

The public comment period for these proposed updates to the 2025 U.S. GAAP Taxonomy closes on October 31, 2024. Comments should be submitted directly to the FASB. The SEC staff urges filers, investors, analysts, software providers, and other stakeholders to participate in this review process to enhance XBRL-structured financial reporting.

To find out more details please visit : https://www.sec.gov/