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FASB Proposes Updates to U.S. GAAP Financial Reporting Taxonomy for Interim Reporting and Government Grants
| 09 December 2024
The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. These updates are related to two Proposed Accounting Standards Updates (ASUs): Interim Reporting – Narrow-Scope Improvements (Topic 270) Overview of Proposed Taxonomy Updates Topic 270: Modifications include new taxonomy elements for ASU identification and transition methods, updates to references, and the removal of outdated guidance. Topic 832: New elements are proposed for accounting policies addressing grants tied to assets, in addition to similar updates for ASU identification and transition methods. The public comment period for these proposed updates will close on March 31, 2025. Taxonomy Release and Public Feedback The U.S. GAAP Financial Reporting Taxonomy undergoes ongoing updates throughout the year, aligned with proposed ASUs. The annual taxonomy release, typically published in the final quarter, incorporates these updates but does not include a public comment period for changes tied to Accounting Standards Updates. Stakeholders, including filers, investors, analysts, and software providers, are encouraged to review and comment on the proposed updates during the public feedback period to support continuous improvements in eXtensible Business Reporting Language (XBRL)-structured financial statements. Regulatory Notes Only annual versions of the U.S. GAAP Financial Reporting Taxonomy specified on the SEC’s website are permitted for XBRL submissions to the Commission. |