On September 24th, the Financial Accounting Standards Board (FASB) published for public comment proposed technical and other conforming improvements for the 2025 SEC Reporting Taxonomy and the related release notes.
The proposed taxonomy improvements include the following:
- new elements mostly pertaining to the oil and gas industry
- updated standard and documentation labels to further define elements and encourage proper usage
- modernized references to assist with element selection
Technical feedback for the proposed taxonomy improvements for the 2025 SEC Reporting Taxonomy may be submitted via email to StructuredData@sec.gov through November 5, 2024. The SEC encourages filers, investors, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured, machine-readable financial statements.
Source:
FASB Technical and Other Conforming Improvements for 2025 SEC Reporting Taxonomy (sec.gov)
