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FASB Technical and Other Improvements for 2024 U.S. GAAP Taxonomy

Oct. 6, 2023

The Financial Accounting Standards Board (FASB) staff has issued proposed technical and other conforming improvements for the 2024 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed taxonomy improvements include new elements for various accounting topics, deprecations for guidance that has been superseded and to improve consistency, modified standard and documentation labels to clarify elements and improve appropriate usage, and modified references to assist with element selection.

The comment period for the proposed taxonomy improvements for the 2024 U.S. GAAP Financial Reporting Taxonomy ends on November 1, 2023. 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.

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