FASB proposes updates to the 2027 GAAP Taxonomy
The Financial Accounting Standards Board (FASB) has proposed a set of technical and conforming improvements to the 2027 US GAAP Financial Reporting Taxonomy (GRT), with comments due by 30 October 2026.
These changes sit alongside the taxonomy updates that flow from new Accounting Standards Updates (ASUs). They respond to public comments, common reporting practice and projects to improve the taxonomy’s usefulness, and they clear out elements kept for transition purposes after earlier standards changed. Elements derived from guidance that no longer applies are being deprecated, with ASU 2016-13 on credit losses cited as an example, as are elements that never represented a reporting requirement and saw little use. Standard and documentation labels are being clarified, and references updated to steer preparers towards the right element.
Some of the housekeeping comes from the Securities and Exchange Commission (SEC). With Release 26.3 of its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, the 2024 taxonomy is no longer supported, so 222 elements deprecated in 2024 will disappear from the 2027 GRT altogether. The 2027 GRT itself remains subject to SEC acceptance.
Read the release notes here.
