The Financial Accounting Standards Board (FASB) on Mar. 18 said that the Securities and Exchange Commission (SEC) has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT) as well as the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).
The Board also finalized the 2025 DQC Rules Taxonomy (DQCRT) as well as the 2025 GAAP Meta Model Relationships Taxonomy (MMT), which, together with the GRT, the SRT and the EBPT are collectively referred to as the “FASB Taxonomies.”
The 2025 GRT has updates for accounting standards and other suggested improvements while the 2025 EBPT comprises updates from the 2024 EBPT for elements for tagging of annual reports for employee stock purchase, savings and similar plans filing SEC Form 11-K.
The 2025 SRT also contains improvements for elements whose underlying recognition and measurement are not specified by generally accepted accounting principles (GAAP). However, these are commonly utilized by filers of GAAP as well as for SEC schedules that are related to supplemental information.
Meanwhile, the DQCRT is uniquely structured from the usual design of XBRL taxonomies due to its narrow focus on conveying the XBRL US Data Quality Committee’s validation rules and has a subset of the DQC rules, mainly for regulator utilization. It is not meant to be utilized in SEC filers’ extension taxonomies.
The 2025 MMT has relationships that help preparers to identify the correct elements, data users to consume data and to write business rules that leverage the added relationship information.
The FASB Taxonomies are available on the FASB Taxonomies Page and via these links:
• 2025 GRT (including 2025 EBPT)
• 2025 SRT
• 2025 DQCRT
• 2025 MMT
Questions regarding utilizing the FASB Taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with the SEC rules should be directed to the SEC. SEC details and guidance are available at the SEC’s Office of Structured Disclosure.
Meanwhile, individuals interested in learning more about the FASB Taxonomies can participate in a live CPE webinar called "2025 GAAP and SEC Reporting Taxonomy Improvements and SEC Update." It is offered free and takes place on April 8 from 1:00 to 2:30 p.m. EDT. The webinar includes a panel discussion with Joe Atkinson, global chief AI officer for the PwC Network of Firms, and Daniel Vial, a data scientist at the SEC.