SEC accepts 2024 GAAP and SEC reporting taxonomies

Posted on March 22, 2024 by Editor

The US Securities and Exchange Commission (SEC) has green-lit the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “GAAP Taxonomy.”

Announced by the Financial Accounting Standards Board (FASB) this week, these taxonomies usher in a wave of updates and enhancements tailored to streamline reporting processes and improve data quality.

The 2024 GRT introduces various updates in accounting standards, addressing key areas such as employee stock purchase plans, crypto assets, segment reporting, income tax disclosures, joint ventures, and investments in tax credit structures. On the other hand, the 2024 SRT focuses on refining dimensional elements commonly used by GAAP filers and enhancing SEC schedules related to supplemental information.

In addition to the updated taxonomies, the FASB has finalised the 2024 DQC Rules Taxonomy (DQCRT), designed to convey the XBRL US Data Quality Committee’s (DQC) validation rules.

To delve deeper into these updates, individuals are invited to join a live CPE webinar titled “2024 GAAP and SEC Reporting Taxonomy Improvements and SEC Update” on 2 April. Hosted by the FASB, the webinar promises insightful discussions and updates on taxonomies.

See the taxonomies and register for the webinar here.

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