Proposed Taxonomy Implementation Guides on Accounting Changes and Segments

The Financial Accounting Standards Board (FASB) has published two proposed Taxonomy Implementation Guides - Accounting Changes and Segment Reporting (after Adoption of Accounting Standards Update 2023-07) based on the 2025 GAAP Financial Reporting Taxonomy. The first proposed guide demonstrates the modeling for the reporting of the transition upon adoption of amendments from an Accounting Standard Update (ASU) or other accounting changes under ASU Topic 250, Accounting Changes and Error Corrections, and topics amended by an ASU. The second proposed guide demonstrates the modeling for segment reporting after the adoption of ASU 2023-07. The public comment periods will end on February 21, 2025, and March 25, 2025, 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.