Your Guide to the 2025 U.S. GAAP Taxonomy Update

As of March 17, 2025, the EDGAR® system was updated to support the 2025 U.S. GAAP Financial Reporting Taxonomy (2025 U.S. GAAP taxonomy) and other SEC taxonomies releases. The 2025 taxonomies bring a variety of changes, including element updates and modeling changes.

2025 U.S. GAAP Financial Reporting Taxonomy Updates Overview

Element and Modeling Updates

The Financial Accounting Standards Board (FASB) taxonomy team continues to enhance the taxonomy to address required Accounting Standards Updates, common reporting practices, and designing projects focused on improving the utility of the taxonomy. For the 2025 US GAAP taxonomy, while various elements and areas were impacted, key updates related to the below topics.

Accounting Standards Updates

The 2025 US GAAP taxonomy includes updates related to multiple accounting standard updates (see below for ASUs impacting the taxonomy). Modifications to existing elements, deprecation of elements, and new elements were added to the taxonomy for these disclosure requirements.

ASU #	ASU
ASU 2024-01	Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
ASU 2024-02	Codification Improvements-Amendments to Remove References to the Concepts Statements
ASU 2024-03	Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2024-04	Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments

• Filer Action: Filers should review current XBRL® modeling against the new standard and modified elements provided in the taxonomy.

Employee Benefit Plans (SEC Form 11-K)

Improvements were made in the 2025 taxonomy to refine and add further elements to support the tagging for Employee Benefit Plans on Form 11-K. EBP elements can be identified by the prefix "us-gaap-ebp" and they are contained in sections beginning with "9611" through a separate entry point from the US GAAP taxonomy.

• Filer Action: Filers should evaluate these new elements as they prepare their SEC Form 11-K to comply with this new mandate effective for filers beginning after July 11, 2025. For more details on XBRL for Form 11-K filings, check out our community post: "Form 11-K Filings - Are you Ready for Inline XBRL Tagging Requirements?"

Other Taxonomy Updates

Additional elements were added to the taxonomy as it relates to business development companies to reduce the number of extensions used on the balance sheet, income statement, and statement of cash flows.

FASB added new elements to accommodate the final rule for Security-Based Swap Execution Facilities for private companies. It is important to note these new elements should not be used for public company filings.

• Filer Action: Filers should evaluate the modifications that were made to the taxonomy and the supplemental resources released by FASB that may be applicable to their reporting scenarios.

Technical Taxonomy Improvements

The FASB taxonomy team continues to make technical improvements to help filers with taxonomy implementation. The 2025 taxonomies provide improvements to existing features.

• Taxonomy Implementation Notes (TINs): FASB introduced new TINs in the 2025 US GAAP taxonomy. FASB categorizes TINs into four areas (Resource, Transition, Usage, and Value). A majority of the new TINS are Value and Resource TINs related to FASB GAAP Financial Reporting Taxonomy Implementation Guides.

• XBRL US DQC Rules Taxonomy (DQCRT): The DQCRT includes XBRL US Data Quality Committee (DQC) rules to provide additional visibility to data quality validation rules for XBRL filings with the SEC. Fourteen (14) additional DQC rules were added to the 2025 DQCRT bringing it to a total of 60 rules. The SEC EDGAR system validates DQC rules that are included in the 2025 DQCRT.

How should SEC filers approach taxonomy migration this year?

This year's new taxonomy focused on key topical areas (Accounting Standards Updates and Employee Benefit Plans) and technical taxonomy improvements. We recommend filers not only focus on deprecated elements but also review new elements, modified labels and definitions, and updated data types.

To provide guidance to filers, the FASB offers a number of resources on their website:

• Webcast - 2025 GAAP and SEC Reporting Taxonomy Improvements and SEC Update
• Taxonomy Release Notes
• Taxonomy Implementation and Style Guides
• FASB Frequently Asked Questions (FAQs)

Workiva will host our annual taxonomy updates webinar on May 13, 2025-register now. For other learning opportunities, watch the Workiva calendar of events for upcoming webinars and workshops on filing best practices, XBRL tagging, and more.

Last, but not least, please keep in mind that companies are encouraged to use the most recent taxonomy release for their XBRL filing. Support for the 2023 taxonomies is expected to end in June, so we recommend transitioning any future SEC filings to a supported taxonomy to ensure compliance. Your service providers can also help you on your path to a successful migration this year.

If you need assistance with migration, XBRL tagging, or learning more about how Workiva can help, please reach out and we will get back to you shortly.

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