Proposed GAAP Taxonomy Improvements

July, 2024

Proposed improvements to the GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”) have formal comment periods that correspond to the related proposed Accounting Standards Updates (ASU) or other proposed GAAP Taxonomy improvement projects.

The information below describes the process for exposing proposed GAAP Taxonomy improvements and includes links for supporting materials that are currently available.

Once the due process for proposed GAAP Taxonomy improvements is complete, the improvements and their disposition are listed on the GAAP Taxonomy Improvements (pending Annual Updates) page.

Proposed Improvements to the GAAP Taxonomy that result from proposed ASUs :
Proposed GAAP Taxonomy improvements for proposed ASUs are expected to be exposed concurrently with the proposed improvements to GAAP and with a corresponding comment period length, which in most cases is no less than 30 days. Supporting materials are provided to communicate the proposed GAAP Taxonomy improvements.

Other proposed GAAP Taxonomy Improvements :
Proposed GAAP Taxonomy improvements related to topical reviews or other improvement projects are expected to have a 30 to 60-day comment period. These exposure periods are not tied to ASUs and may occur throughout the year depending on when the project is completed. The supporting materials for the other proposed improvements will be included in a separate table below.

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