š The Big Announcement
In a move that has accountants buzzing, the SEC has officially accepted the 2025 FASB Taxonomies. This includes the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). These updates are set to streamline how financial information is reported and analyzed.
The 2025 GRT brings with it updates for accounting standards and other improvements. Meanwhile, the 2025 EBPT focuses on elements for tagging annual reports for employee stock purchase, savings, and similar plans filing SEC Form 11-K. The SRT? Itās all about enhancing elements that aren't specified by GAAP but are commonly used by GAAP filers.
š A Closer Look at the DQCRT
The 2025 DQC Rules Taxonomy (DQCRT) stands out from the crowd. Unlike typical XBRL taxonomies, the DQCRT is narrowly focused on conveying the XBRL US Data Quality Committeeās validation rules. This subset of rules is predominantly for regulator use and isn't intended for SEC filersā extension taxonomies.
The 2025 GAAP Meta Model Relationships Taxonomy (MMT) also deserves a mention. It includes relationships that help preparers identify the proper elements, assist data users in consuming data, and aid in writing business rules that leverage additional relationship information.
š„ļø Don't Miss the Webinar
For those looking to dive deeper into these updates, there's a free CPE webinar on April 8, 2025. The panel features Joe Atkinson, Global Chief AI Officer for PwC, and Daniel Vial, Data Scientist at the SECās Office of Data Science. Moderated by John Turner, CEO of XBRL International, the discussion will explore how AI can enhance the efficiency and effectiveness of XBRL.
"This webinar is a must-attend for anyone looking to stay ahead in the accounting world," says John Turner. And with 1.8 hours of CPE credit up for grabs, it's not just informativeāit's also a great opportunity for professional development.
