FASB releases 2026 financial reporting taxonomies

The Financial Accounting Standards Board (FASB) announced on Dec. 15, 2025, the release of its 2026 GAAP Financial Reporting Taxonomy (GRT) and associated digital frameworks, paving the way for updated financial reporting standards.

These resources, crucial for companies filing electronic financial statements, include the 2026 SEC Reporting Taxonomy (SRT), the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT), the 2026 DQC Rules Taxonomy (DQCRT), and the 2026 GAAP Meta Model Relationships Taxonomy (MMT).

The 2026 GRT incorporates updates stemming from FASB accounting standards published in 2025 before Dec. 1, 2025, along with other recommended enhancements. Similarly, the 2026 SRT features improvements for elements not directly specified by generally accepted accounting principles (GAAP) but commonly used by GAAP filers and for U.S. Securities and Exchange Commission (SEC) schedules.

Notably, the DQCRT offers a unique structure focused on conveying the XBRL U.S. Data Quality Committee's (DQC) validation rules, primarily for regulator use. It contains a subset of these rules, with the FASB taxonomy staff evaluating their inclusion based on a year of availability and how feedback has been addressed. The MMT, another key component, aims to assist preparers in selecting appropriate elements for their filings, help data users with additional relationship information and aid in developing business rules that leverage this information for proper element identification.

The 2026 GRT, 2026 SRT and 2026 EBPT are expected to receive final acceptance from the SEC in early 2026. These FASB taxonomies are accessible on the FASB taxonomies page, with specific links provided for each.

For questions regarding their use and the creation of XBRL-tagged interactive data files in compliance with SEC rules, stakeholders are advised to contact the SEC directly, the FASB said. Further guidance is available through the SEC's Office of Structured Disclosure.