FASB Staff Proposes Conforming Improvements to 2025 GAAP Taxonomy

The FASB staff has issued release notes related to proposed technical and other conforming improvements for its 2025 GAAP Financial Reporting Taxonomy. The proposed enhancements are intended to “address public comments, common reporting practices, projects designed to improve the utility of the [taxonomy], and elements related to prior Accounting Standards Updates that previously were retained for transition purposes.”

Comments on the proposed taxonomy improvements are due by October 31, 2024.