SEC adopts 2025 taxonomies to enhance digital reporting
The US Securities and Exchange Commission (SEC) has updated the EDGAR system to support the 2025 XBRL taxonomies, effective since 17 March 2025.
This update includes the adoption of new taxonomies for Special Purpose Acquisition Companies (SPACs), Open-End Funds (OEFs), Self-Regulatory Organisations (SROs), and cybersecurity disclosures, among others. The SEC encourages companies to transition to these new taxonomies to take advantage of improved tagging for financial reporting.
The Financial Accounting Standards Board (FASB) has also confirmed the SEC’s acceptance of the 2025 U.S. GAAP Financial Reporting Taxonomy, the SEC Reporting Taxonomy, and the Employee Benefit Plan Taxonomy. These updates incorporate changes in accounting standards and other refinements to improve data consistency. Notably, the 2025 Data Quality Committee Rules Taxonomy (DQCRT) introduces enhanced validation rules to assist regulators in ensuring data accuracy.
These developments are part of a broader effort to enhance the quality and usability of digital financial reporting. By adopting the latest taxonomies, companies can ensure their filings remain compliant while improving data comparability and analysis.
For full details, access the SEC’s announcement here and see the FASB taxonomies here.
