The FASB recently announced that the SEC accepted its 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).
The FASB also finalized the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, the SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”
The 2025 GRT contains updates for accounting standards and other recommended improvements.
The 2025 SRT contains improvements for elements whose underlying recognition and measurement are not specified by generally accepted accounting principles (GAAP) but are commonly used by GAAP filers and for SEC schedules related to supplemental information.
The 2025 EBPT contains updates from the 2024 EBPT for elements for tagging of annual reports for employee stock purchase, savings and similar plans filing SEC Form 11-K. Learn more about all these taxonomies here.