FASB Seeks Public Comment on Proposed Improvements for 2025 GAAP Reporting Taxonomy

The Financial Accounting Standards Board (FASB) has released two key proposals for public review: the 2025 GAAP Financial Reporting Taxonomy (GRT) Reference Project and the Meta Model Relationships Taxonomy. The proposals, intended to refine the 2024 GRT, focus on improving ease of access to the right elements and clarifying reference role types. Additionally, the Meta Model Relationships Taxonomy introduces new relationships designed to aid constituents in understanding accounting model details.

The public comment period for the 2025 GRT Reference Project is open until November 15, 2024, and for the Meta Model Relationships Taxonomy until November 29, 2024. Comments are to be submitted directly to the FASB, and the SEC encourages participation from various stakeholders, including filers, investors, analysts, and software providers. Feedback from this review aims to enhance the development and utility of XBRL-structured financial statements.

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