On October 6th, the Financial Accounting Standards Board (FASB) staff released proposed technical and other conforming improvements for the 2024 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment.
The proposed taxonomy enhancements include:
new elements for various accounting topics
deprecations for guidance that is no longer applicable, no longer represents reporting requirements, or has low usage
deprecations for guidance that has been replaced to improve consistency
updated standard and documentation labels to clarify elements and improve appropriate usage
revised references to assist with element selection
Interested parties may submit email comments directly to the FASB through November 1, 2023. To ensure the process for creating and using XBRL-structured financial statements continues to improve, the SEC staff encourages filers, investors, analysts, software service providers, and others to participate in this public review.