FASB Releases Proposed Improvements for SEC Reporting Taxonomy and DQC Rules Taxonomy

The FASB has issued release notes related to its proposed improvements for the 2024 versions of the SEC Reporting Taxonomy and Data Quality Committee (DQC) Rules Taxonomy. The SEC taxonomy proposal would make “technical and other conforming improvements . . . that are designed to improve its utility,” while the DQC taxonomy proposal would contain “additions or improvements . . . based on the FASB Taxonomy staff’s evaluation of the validation rules that have been available for use for more than one year.”

Comments on both proposed taxonomies are due by October 5, 2023.