FASB Releases Taxonomies for 2025

The FASB announced that it has released the following GAAP taxonomies for 2025:

• GAAP financial reporting taxonomy — Contains revisions related to “disaggregation of income statement expenses, profits interest and similar awards, and induced conversions of convertible debt instruments.”
• GAAP employee benefit plan taxonomy — Updates certain elements related to SEC rule on “XBRL tagging of annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K.”
• SEC reporting taxonomy — Enhances elements for which recognition and measurement are not addressed in U.S. GAAP but that “are commonly used by GAAP filers and for SEC schedules related to supplemental information provided by insurance underwriters.”
• Data Quality Committee (DQC) rules taxonomy — “[U]niquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the DQC validation rules, predominantly for regulator use.”
• GAAP meta model relationships taxonomy— “[I]ncludes relationships that are focused on accounting model information, which are viewed as helpful information for constituents.”

The 2025 FASB taxonomies are subject to SEC approval, which is expected to be granted in early 2025.