FASB unveils 2024 Taxonomies with Calc 1.1 integration

Posted on December 24, 2023 by Editor

The US Financial Accounting Standards Board (FASB) has launched the 2024 GAAP Financial Reporting Taxonomy (GRT). The new taxonomy integrates the Calculations 1.1 specification, which was finalised by XBRL International earlier this year. The FASB also published the new 2024 SEC Reporting Taxonomy and 2024 DQC Rules Taxonomy - collectively, the three are known as the FASB Taxonomies.

The 2024 GRT, a key component of the FASB Taxonomies, incorporates updates to align with the latest accounting standards. Noteworthy enhancements include provisions for Securities and Exchange Commission (SEC) Release Nos. 33-11070 and 34-95025, which introduced significant electronic filing requirements including relating to the submission of financial statements in Inline XBRL, as well as rules relating to areas as diverse as crypto assets, segment reporting, improvements to income tax disclosures, joint venture formations, and more.

Calculations 1.1 improves XBRL's calculation function regarding rounded numbers, helping to avoid calculation errors from appearing when figures in the thousands or millions have been rounded up, meaning that they don't add up exactly. It's designed to reduce 'false positive' calculation errors, which distract from other validation errors that could be highlighting real data quality problems.

Find the new taxonomies here.