FASB released its three annual taxonomies: the 2024 GAAP Financial Reporting Taxonomy (GRT), the 2024 SEC Reporting Taxonomy (SRT), and the 2024 [Data Quality Committee] Rules Taxonomy (DQCRT).
The 2024 GRT contains updates for issuers that file with the SEC, covering topics such as cryptoassets, segment reporting, improvements to income tax disclosures, joint venture formations and investments in tax credit structures.
The 2024 SRT contains improvements for dimensional elements whose underlying recognition and measurement are not specified by GAAP but are commonly used by GAAP filers and for SEC schedules related to supplemental information provided by insurance underwriters.
Each year, the DQCRT is narrowly focused on conveying the XBRL Data Quality Committee's validation rules, predominantly for regulator use.