By Bryan Strickland, for the Journal of Accountancy
FASB released its three annual taxonomies: the 2024 GAAP Financial Reporting Taxonomy (GRT), the 2024 SEC Reporting Taxonomy (SRT), and the 2024 [Data Quality Committee] Rules Taxonomy (DQCRT).
The 2024 GRT contains updates since the 2023 GRT for issuers that file with the SEC, covering topics such as cryptoassets, segment reporting, improvements to income tax disclosures, joint venture formations, and investments in tax credit structures. New elements cover SEC releases on annual reports for employee benefit plans for Form 11-K.
The 2024 SRT contains improvements for dimensional elements whose underlying recognition and measurement are not specified by GAAP but are commonly used by GAAP filers and for SEC schedules related to supplemental information provided by insurance underwriters.
Each year, the DQCRT is narrowly focused on conveying the XBRL Data Quality Committee's (DQC) validation rules, predominantly for regulator use. It is not intended to be used in SEC filers' extension taxonomies the way that the GRT or the SEC's Document and Entity Information Taxonomy is used.
The 2024 GRT and 2024 SRT are expected to be accepted as final by the SEC in early 2024, according to a FASB news release.
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.