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SEC accepts 2025 FASB taxonomies
Written on Mar 28, 2025
The SEC has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). FASB also finalized the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, the SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”
The 2025 GRT contains updates for accounting standards and other recommended improvements. The 2025 EBPT contains updates from the 2024 EBPT for elements for tagging of annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K. The 2025 SRT contains improvements for elements whose underlying recognition and measurement are not specified by generally accepted accounting principles (GAAP) but are commonly used by GAAP filers and for SEC schedules related to supplemental information.
The DQCRT is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the XBRL US Data Quality Committee’s (DQC) validation rules and contains a subset of the DQC rules, predominantly for regulator use. It is not intended to be used in SEC filers’ extension taxonomies. The 2025 MMT includes relationships that assist preparers in identifying the proper elements, data users in the consumption of data, and in writing business rules that leverage the additional relationship information.
The FASB Taxonomies are available on the FASB Taxonomies Page and through the following links:
Questions about using the FASB Taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with the SEC rules should be directed to the SEC. SEC details and guidance are available at the SEC’s Office of Structured Disclosure.