The Financial Accounting Standards Board (FASB) has published what is collectively known as the "FASB Taxonomies," according to Accounting Today.
The FASB released the following: 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT) and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).
Additionally, the Board discussed earlier in December the availability of the 2025 DQC Rules Taxonomy (DQCRT) and 2025 GAAP Meta Model Relationships Taxonomy (MMT). Both of these and the GRT, SRT and the EBPT are together known as the "FASB Taxonomies."
The 2025 GRT offers updates for accounting standards such as the disaggregation of income statement expenses, profits interest and similar awards and induced conversions of convertible debt instruments, as well as other suggested improvements, the Accounting Today stated.
The 2025 EBPT includes updates from the 2024 EBPT for elements specifically created for Securities and Exchange Commission (SEC) Release Nos. 33–11070; 34–95025 that includes requirements for XBRL tagging of annual reports for employee stock purchase, savings and similar plans filing SEC Form 11-K, Accounting Today reported.
The 2025 SRT outlines improvements for elements which underlying recognition and measurement are not specified by Generally Accepted Accounting Principles (GAAP) but are commonly utilized by GAAP filers and for SEC schedules that are related to supplemental information offered by insurance underwriters, Accounting Today said.
The DQCRT is structured based on the usual design of XBRL taxonomies because it is limited in its focus on conveying the XBRL US Data Quality Committee's validation rules. These are mostly for a regulator's utilization and not meant to be utilized in SEC filers' extension taxonomies. A subset of the DQC rules is part of the DQCRT.
The FASB Taxonomy staff evaluates the validation rules for inclusion in the DQCRT that have been available for use for over a year, with consideration for how the DQC addressed any input received about a validation rule.