FASB Releases 2024 Taxonomies

The FASB has announced the availability of the 2024 GAAP Financial Reporting Taxonomy, the 2024 SEC Reporting Taxonomy, and the 2024 Data Quality Committee (DQC) Rules Taxonomy.

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.