FASB Proposes Updates to U.S. GAAP Financial Reporting Taxonomy
| 12 May 2025
The Financial Accounting Standards Board (FASB) has released proposed updates to the U.S. GAAP Financial Reporting Taxonomy, targeting improvements in how companies report debt exchanges, modifications, and extinguishments in XBRL format. The changes apply to Subtopic 470-50 (Debt—Modifications and Extinguishments) and Subtopic 405-20 (Liabilities—Extinguishments of Liabilities). The proposed updates aim to improve the clarity, accuracy, and usability of financial data tagged under U.S. GAAP and are part of FASB’s continuing effort to enhance digital financial reporting through the XBRL (eXtensible Business Reporting Language) taxonomy. Key aspects of the proposal include:
These updates are intended to support the consistency and transparency of disclosures, particularly in filings submitted to the U.S. Securities and Exchange Commission (SEC). The public is invited to submit comments on the proposed taxonomy updates by May 30, 2025. The SEC encourages active participation from filers, analysts, investors, software providers, and other stakeholders to help refine and strengthen structured digital reporting. It is important to note that the availability of proposed taxonomy updates does not constitute approval by the SEC for use in EDGAR filings until formally adopted. Stakeholders are advised to refer to the SEC’s EDGAR Filer Manual for official implementation details. At Ez-XBRL, we are committed to helping issuers navigate the digital reporting landscape with confidence. Our advanced tools and expert services are designed to ensure iXBRL compliance, minimize tagging errors, and improve the overall quality of digital disclosures. As reporting demands grow more stringent, we enable businesses to stay compliant, transparent, and future-ready. To find out more details please visit : https://www.sec.gov |