FASB updates development taxonomy for government grants standard
The Financial Accounting Standards Board (FASB) has incorporated proposed taxonomy improvements into its Development Taxonomy to reflect changes introduced by Accounting Standards Update (ASU) 2025-10 on government grants. The update, covering Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, adds draft elements that support digital reporting of the new disclosures and accounting requirements.
Because the ASU was finalised after 1 December 2025, the related taxonomy updates were not included in the pending 2026 GAAP Taxonomy annual release currently awaiting Securities and Exchange Commission (SEC) acceptance. Instead, the proposed improvements are being made available separately for public comment, with filers able to reference the new elements in the Development Taxonomy and create extensions based on them until they are formally incorporated into the 2027 annual taxonomy release.
Those looking for further detail may also wish to note that registration has opened for FASB’s 14 April webinar on 2026 GAAP and SEC Reporting Improvements and SEC Update, which will cover developments in the GAAP Taxonomy and related reporting changes.
