SEC Approves 2026 FASB Taxonomies
March 17, 2026
The FASB has announced that the SEC has approved the Board’s 2026 updates to the
following taxonomies (known collectively as the “FASB taxonomies”):
- GAAP financial reporting taxonomy — Includes revisions and other improvements related to FASB standards released during 2025 (but before December 1, 2025).
- GAAP employee benefit plan taxonomy — Contains elements related to tagging requirements for annual reports associated with “employee stock purchase, savings, and similar plans . . . filing SEC Form 11-K in XBRL format.”
- SEC reporting taxonomy — Includes elements related to meeting SEC requirements for “financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities.”
- 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 assist preparers in identifying the proper elements, data users in the consumption of data, and in writing business rules that leverage the additional relationship information.”
For more information, see the press release and release notes on the FASB’s Web site.