Statement Summary
The Financial Accounting Standards Board (FASB) has released proposed updates for the U.S. GAAP Financial Reporting Taxonomy concerning a new Accounting Standards Update (ASU) on accounting for debt exchanges. These changes involve modifications to references, the addition of new elements for ASU identification, and the removal of an outdated element. The public is invited to comment on these proposed updates until May 30, 2025.
The SEC encourages feedback from investors, analysts, and other stakeholders to enhance the eXtensible Business Reporting Language (XBRL) financial statements process. It is important to note that the opportunity for public comment does not imply SEC approval of any related regulatory changes. Final taxonomy updates will correlate with the effective dates of finalized ASUs.
Original Statement
FASB Issues Proposed Updates for Future Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Accounting for Debt Exchanges
The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to Proposed Accounting Standards Update (ASU) on Debt – Modifications and Extinguishments (Subtopic 470-50) and Liabilities – Extinguishments of Liabilities (Subtopic 405-20) – Accounting for Debt Exchanges. The proposed taxonomy updates will include reference modifications, new elements for ASU identification and transition method, and the deprecation of an element that was derived from guidance that is no longer applicable.
The public comment period on the proposed updates will end on May 30, 2025. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using eXtensible Business Reporting Language (XBRL)-structured financial statements.
Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. Please refer to the SEC’s EDGAR webpage for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.
The taxonomy version for proposed updates related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.
Last Reviewed or Updated: May 8, 2025
