FASB finalizes its taxonomies for 2025

The 2025 FASB taxonomies have been finalized.

FASB announced Tuesday that the SEC has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT), and the 2025 SEC Reporting Taxonomy (SRT). In addition, FASB said in a news release that it had finalized the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT).

The GRT contains updates for accounting standards and other recommended improvements, and the EBPT updates elements for tagging of annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K. The SRT contains improvements for elements whose underlying recognition and measurement are not specified by GAAP but are commonly used by GAAP filers and for SEC schedules related to supplemental information.

The DQCRT is narrowly focused on conveying the XBRL US Data Quality Committee’s validation rules and is not intended to be used in SEC filers’ extension taxonomies. The MMT includes relationships that assist preparers in identifying the proper elements, data users in the consumption of data, and in writing business rules that leverage the additional relationship information.

To address questions about the taxonomies, FASB scheduled a free CPE webinar April 8 from 1 to 2:30 p.m. ET.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.