FASB proposes over 2,000 new meta model relationships
The US Financial Accounting Standards Board (FASB) has published proposed improvements to its 2027 Meta Model Relationships Taxonomy for US Generally Accepted Accounting Principles (GAAP) reporting. Comments are due by 1 December.
Most of the update consists of around 2,000 new relationships that describe the attributes of taxonomy elements. Examples include the vesting status of equity awards, the components of other comprehensive income, whether collateral is held or pledged, and regulatory capital requirements for financial institutions. Meta model relationships are also being added for elements of the Employee Benefit Plan Taxonomy.
The meta model was first proposed in 2022. The taxonomy’s existing XBRL relationships handle presentation, syntax and validation, and the meta model adds basic accounting logic on top. It is designed to help preparers pick the right elements, make the data easier to use, and support rules that check element selection.
Comments can be submitted through the FASB’s Taxonomy Online and Comment System (TORCS), where they are visible to other registered users, or by email. Read the release notes here.
