FASB consults on taxonomy changes for two draft standards
The Financial Accounting Standards Board (FASB) is consulting on changes to its US Generally Accepted Accounting Principles (GAAP) taxonomy for two draft Accounting Standards Updates. These changes would only take effect once the standards are finalised. Consulting on the tags while the accounting is still in draft gives preparers and software vendors an early look and a chance to shape upcoming changes.
The first proposal covers targeted improvements to equity method accounting. It responds to challenges raised in the FASB’s 2025 agenda consultation. Comments are due by 11 January 2027.
The second proposal clarifies when payments made on behalf of a customer, or to that customer’s own customers, should be treated as consideration payable to a customer under the revenue standard. The comment deadline is 23 November.
Comments on both can be sent to xbrled@fasb.org. Read more on the equity method proposal here and the revenue proposal here.
