FASB updates development taxonomy for codification improvements
Staff at the Financial Accounting Standards Board (FASB) have incorporated proposed taxonomy improvements into the Development Taxonomy for Accounting Standards Update 2025-12, Codification Improvements.
Because the ASU was finalised after 1 December 2025, the related taxonomy changes were not included in the 2026 annual taxonomy release, which is pending acceptance by the US Securities and Exchange Commission. Instead, the proposed improvements have been added to the Development Taxonomy and are available for public comment.
Filers adopting the amendments in ASU 2025-12 can use the new elements in the Development Taxonomy and create extensions based on them until the elements are incorporated into the 2027 annual taxonomy release.
Find the proposed improvements here.
