Proposed Improvements for the 2025 GAAP Financial Reporting Taxonomy Reference Project and the Meta Model Relationships Taxonomy

The Financial Accounting Standards Board (FASB) staff has issued Proposed Improvements for the 2025 GAAP Financial Reporting Taxonomy (GRT) Reference Project and the Meta Model Relationships Taxonomy for public comment. The release notes related to the reference project describe the proposed improvements to the 2024 GRT that were made to help locate the appropriate element and understand the role type assigned to the reference. The release notes related to the meta model relationships taxonomy describe new relationships, which are viewed as helpful information for constituents that are focused on accounting model information.

The comment period for the proposed taxonomy improvements for the 2025 GRT Reference Project and the 2025 Metal Model Relationships Taxonomy will end on November 15, 2024, and November 29, 2024, respectively. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.