🧩 Breaking Down the Taxonomies
The Financial Accounting Standards Board (FASB) has rolled out the new 2026 GAAP Financial Reporting Taxonomy (GRT), 2026 SEC Reporting Taxonomy (SRT), and 2026 GAAP Employee Benefit Plan Taxonomy (EBPT). These updates aim to streamline financial reporting and ensure compliance with the latest standards.
The 2026 GRT includes updates for accounting standards published throughout 2025, ensuring your reports are always up-to-date. Meanwhile, the 2026 SRT provides enhancements for elements not specified by GAAP but commonly used by GAAP filers and the SEC.
🔍 What’s New in DQCRT?
The 2026 DQC Rules Taxonomy (DQCRT) stands out with its unique focus on the XBRL US Data Quality Committee's validation rules. While regulators have the final say on which rules to adopt, the DQCRT offers a subset of these rules, evaluated and included based on feedback and practical use over the past year.
"The DQCRT is a game-changer for ensuring the quality and accuracy of financial reports," said an industry expert.
🛠️ How MMT Enhances Reporting
The 2026 GAAP Meta Model Relationships Taxonomy (MMT) is designed to assist preparers in identifying the proper elements for tagging filings. It also helps data users by providing additional relationship information, making data consumption smoother and more efficient.
The MMT's objectives are clear: simplify the tagging process, enhance data usability, and support the creation of business rules that leverage relationship information for accurate element selection.
📅 What’s Next?
The new taxonomies are expected to be accepted as final by the SEC in early 2026. They are now available on the FASB Taxonomies Page. For those diving into the details, you can find the individual taxonomies through the provided links and start integrating them into your reporting processes immediately.
