On January 27th, the Financial Accounting Standards Board (FASB) issued two proposed Taxonomy Implementation Guides based on the 2025 GAAP Financial Reporting Taxonomy, which was made available in December 2024 pending SEC approval. These guides focus on the accounting changes and segment reporting following the adoption of Accounting Standards Update 2023-07 (ASU).
The first proposed Implementation Guide, Accounting Changes, is comprised of two new examples that would establish the modeling for disclosures of effects on disclosure line items from a change in accounting estimate as well as financial statement line items. The comment period for the proposed Guide on accounting changes ends on February 21, 2025. (File Reference No. 2025-300)
The second proposed Implementation Guide, Segment Reporting, would establish the modeling for the disclosure of segment reporting required by ASU 2023-07 following its adoption. The comment period for the proposed Guide on segments ends on March 25, 2025. (File Reference No. 2025-350)
Interested parties may comment on the proposed guides to the FASB via email to xbrlguide@fasb.org with the applicable File Reference No. as the subject.
Source:
FASB Staff Issues Proposed Taxonomy Implementation Guides for 2024 US GAAP Financial Reporting Taxonomy (sec.gov)
