The 2024 GAAP taxonomy reflects updates as a result of accounting standards and other
improvements. The 2024 SEC taxonomy “contains improvements for dimensional 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 provided by insurance underwriters.” The 2024 DQC taxonomy includes
seven new DQC rules and updates to one DQC rule.
The 2024 taxonomies are subject to final SEC approval, which is expected to be
granted in early 2024. For more information, see the press release on the FASB’s Web site.