SEC Approves 2024 GAAP and SEC Reporting Taxonomies: Enhancements to Streamline Reporting Processes

SEC Approves 2024 GAAP and SEC Reporting Taxonomies: Enhancements to Streamline Reporting Processes

By Prathamesh 27 March, 2024
news

The US Securities and Exchange Commission (SEC) has approved the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively referred to as the “GAAP Taxonomy.” These taxonomies, announced by the Financial Accounting Standards Board (FASB), bring forth numerous updates and enhancements aimed at simplifying reporting procedures and enhancing data quality.

The 2024 GRT includes updates in accounting standards covering various areas such as employee stock purchase plans, crypto assets, segment reporting, income tax disclosures, joint ventures, and investments in tax credit structures. Conversely, the 2024 SRT focuses on refining dimensional elements commonly used by GAAP filers and enhancing SEC schedules related to supplemental information.

Alongside these taxonomies, the FASB has finalized the 2024 DQC Rules Taxonomy (DQCRT), conveying the validation rules of the XBRL US Data Quality Committee (DQC). To explore these updates further, individuals are encouraged to participate in a live CPE webinar titled “2024 GAAP and SEC Reporting Taxonomy Improvements and SEC Update” on April 2, hosted by the FASB, promising insightful discussions and updates on taxonomies.

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