FASB Staff Proposes Taxonomy Improvements Related to References and Meta Model Relationships

The FASB has released proposed taxonomy enhancements related to the following:

• Improvements to references — These proposed enhancements to the 2025 GAAP Financial Reporting Taxonomy involve the addition of references to elements in Sections 45 (presentation), 50 (disclosure), and S99 (SEC guidance) of certain Codification topics (see release notes).
• Meta model relationships — Among other changes, these proposed improvements add a number of “base-level accounting relationships” to the 2025 GAAP Meta Model Relationships Taxonomy(see release notes).

Comments are due by (1) November 15, 2024, for the proposed improvements to the GAAP taxonomy and (2) November 29, 2024, for the proposed improvements to the meta model taxonomy.