Proposed Enhancements to the 2025 GAAP Employee Benefit Plan Taxonomy are included in the upcoming 2025 GAAP Financial Reporting Taxonomy

Proposed Enhancements to the 2025 GAAP Employee Benefit Plan Taxonomy are included in the upcoming 2025 GAAP Financial Reporting Taxonomy

By Ez-XBRL Team 29 October, 2024
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29 October 2024

The Financial Accounting Standards Board (FASB) has issued proposed updates to the 2025 U.S. Generally Accepted Accounting Principles (GAAP) Employee Benefit Plan (EBP) taxonomy. These improvements are part of the 2025 GAAP Financial Reporting Taxonomy and are accompanied by related release notes. The proposed changes aim to introduce technical and other conforming improvements to enhance the EBP taxonomy.

The FASB has opened a public comment period on these proposals, which will close on November 18, 2024. Stakeholders, including filers, investors, analysts, software providers, and other interested parties, are encouraged by the SEC to participate in the review process. This feedback will be crucial to refining the taxonomy for improved creation and use of XBRL-structured financial statements.

Comments should be submitted directly to the FASB during the designated period. This initiative is part of an ongoing effort to ensure accuracy and clarity in financial reporting under the 2025 GAAP standards.

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