SEC Approves Taxonomies for 2024

The FASB has announced that the SEC has approved 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 DQC taxonomy “is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the DQC validation rules, predominantly for regulator use.”

For more information, see the press release on the FASB’s Web site.