FASB invites feedback on proposed 2025 GAAP taxonomy improvements
The Financial Accounting Standards Board (FASB) has released proposed updates for the 2025 GAAP Financial Reporting Taxonomy (GRT) Reference Project and the Meta Model Relationships Taxonomy, inviting public comment. These updates aim to improve element location within the GRT and clarify reference role types, while new relationships in the Meta Model Relationships Taxonomy are designed to assist users focused on accounting model structures.
Today, 15 November 2024, is the last chance to provide feedback on the GRT Reference Project! The comment period for the Meta Model Relationships Taxonomy however will remain open until 29 November. The SEC encourages all stakeholders: filers, investors, analysts and software providers, to weigh in and help shape these improvements for more effective XBRL-structured financial statements.
For full details and to submit feedback, visit the SEC website.
