Proposed Updates for Future* Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASUs on Interim Reporting and Government Grants

The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to Proposed Accounting Standard Update (ASU) on Interim Reporting – Narrow-Scope Improvements (Topic 270) and Proposed ASU on Government Grants – Accounting for Government Grants by Business Entities (Topic 832).

The proposed taxonomy updates related to both ASUs will include reference modifications, new elements primarily for ASU identification and transition method, and deprecations for guidance that are no longer applicable. The proposed taxonomy updates related to ASU Topic 832 also include new elements for accounting policies used to account for and present grants related to an asset. The public comment periods on both proposed updates will end on March 31, 2025.

These proposed updates to the U.S. GAAP Financial Reporting Taxonomy are some of many released throughout the year as proposed ASUs are issued. The U.S. GAAP Financial Reporting Taxonomy is published in the last quarter of each calendar year and incorporates all of these taxonomy updates. While each proposed taxonomy update has a public comment period, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates.

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 eXtensible Business Reporting Language (XBRL)-structured financial statements. Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/submit-filings/edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.

*The taxonomy version for proposed updates related to proposed ASUs will be determined based on the effective date of each final ASU.