Tech news: SEC accepts 2025 FASB taxonomies

SEC accepts 2025 FASB taxonomies

FASB offices

Patrick Dorsman/Financial Accounting Foundation

The Financial Accounting Standards Board announced that the Securities and Exchange Commission has accepted the 2025 GAAP Financial Reporting Taxonomy, the 2025 SEC Reporting Taxonomy, and the 2025 GAAP Employee Benefit Plan Taxonomy. FASB also finalized the 2025 DQC Rules Taxonomy and the 2025 GAAP Meta Model Relationships Taxonomy, which together with the GRT, SRT and EBPT are collectively referred to as the "FASB Taxonomies." The 2025 GRT contains updates for accounting standards and other recommended improvements. The 2025 EBPT has updates from the 2024 EBPT for elements for tagging of annual reports for employee stock purchase, savings and similar plans filing SEC Form 11-K. The 2025 SRT contains improvements for 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. The DQCRT is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the XBRL US Data Quality Committee's validation rules and contains a subset of the DQC rules, predominantly for regulator use. It is not intended to be used in SEC filers' extension taxonomies. The 2025 MMT includes relationships that assist preparers in identifying the proper elements, data users in the consumption of data, and in writing business rules that leverage the additional relationship information.

SAP builds Joule AI into Concur Expense and Concur Travel

SAP's corporate campus in Walldorf, Germany

Alex Kraus/Bloomberg

SAP will be integrating its AI copilot Joule with business travel and expense management. In Concur Expense, Joule helps ensure expense reports are ready for submission. Joule can answer employees' questions so they no longer have to search through Concur Expense or the SAP Help portal. Joule with Concur Expense is expected to be generally available in the second quarter of this year. SAP Concur will embed Joule in Concur Travel initially to help with planning locations for offsite meetings. Joule can provide meeting location recommendations and high-level flight and hotel cost estimates based on meeting attendees' origination points. Once the meeting site and hotel options are selected, Joule will create an email template to send to team members with a link to book directly in Concur. Joule with Concur Travel is available now in the SAP Early Adopter Care program, with general availability expected later this year.

New startup, Town, launches with SMB tax platform

A new startup, Town, officially launched with a new tax platform meant for small and medium businesses. Styling itself as "your small business tax department," it offers dedicated advisors, tax-tuned AI automation and flat-fee pricing. The solution syncs with a business's accounting tools (such as QuickBooks) to collect financial data in real time, paired with a dedicated tax advisor who proactively manages their taxes year-round. It also automates data collection, compliance tracking and form filling so human experts can focus on tax strategy. The company partners with traditional accountants as they face staffing challenges, reducing paperwork so they can focus on higher-value advisory services. Town also announced the closing of an $18 million seed round led by First Round Capital with participation from Conviction, Alt Capital, Mischief and WndrCo, plus angel investors including Adam D'Angelo, Christina Cacioppo, Helen Min, Immad Akhund, Soleio Cuervo and William Hockey. Town is also hiring for a product, go-to-market and accountant team. For more information, chek the open roles here.

AccountsIQ announces new Workflow Approval Engine

Monster Ztudio - stock.adobe.com

Financial management solutions provider AccountsIQ introduced its Workflow Approval Engine, designed to help businesses streamline approvals, improve compliance and gain full visibility over financial workflows. The Workflow Approval Engine lets users create tailored, multistep approval workflows that align with their specific requirements. In addition, the Workflow Approval Engine offers real-time insights into approval progress. so all steps will adhere to internal controls and audit requirements.

FlexTecs launches supplier statement reconciliation feature

Satawat Anukul - stock.adobe.com

Recovery audit, contract compliance and payment accuracy solutions provider FlexTecs expanded its FlexTrap product to include a feature for supplier statement reconciliation, designed to detect, prevent and reconcile payment discrepancies. The platform's new statement reconciliation feature enables organizations to automate transaction validation with suppliers. Initially introduced with a focus on payment error prevention, FlexTrap is evolving into a fully extensible platform. The company has also revamped its website.

Sage and Village Capital announce first cohort for business impact program

ERP solutions provider Sage and investment company Village Capital announced the first cohort of startups for their Impact Entrepreneurship Program, a three-year initiative to support 165 purpose-driven startups globally. The program is designed to provide underrepresented entrepreneurs with mentorship, funding and tools to scale their businesses, emphasizing sustainability and social impact. The first cohort of 56 companies selected for the program includes startups from the U.S., UK, France, Spain and Portugal, all addressing pressing social and environmental challenges. Among the U.S.-based companies are the Carbix Corporation, based in Quincy, Massachusetts, which converts CO2 emissions into raw cement and concrete materials, contributing to a zero-carbon future; Mi Terro, based in Los Angeles, which leverages big data to create compostable, fossil-fuel alternative biomaterials from plant-based agricultural waste; Cellsense, based in Somerville, Massachusetts, which transforms algae and cellulose into compostable beads to offer a sustainable alternative to using microplastics across the design and cosmetic industries; Chargerzilla, based in Washington, D.C., which offers an AI-powered platform for EV charging with a unified marketplace ecosystem that connects property owners, charging networks and EV drivers; EcoaTEX, based in Athens, Georgia, which transforms natural, renewable resources into fibers, dyes and bio-based leather to provide eco-friendly alternatives for textiles and reduce environmental impact; FoodChain Technologies, based in Peachtree Corners, Georgia, which gives vendors and buyers access to a mobile app marketplace to distribute and order food items to enable a local supply chain; Good Agriculture, based in Atlanta, which provides an AI-powered farm business management platform; Integrated Dynamics, based in Chicago, which operates an advanced bioprocesses platform that sustainably converts organic waste into chemicals and hydrocarbons, promoting a circular economy and reducing environmental impact; Raccoon Eyes, based in Atlanta, which enables businesses to reduce food waste, improve consumer experience, and promote sustainability engagement through social action tools and a camera that uses AI to track food waste; Savimbo, based in Wilmington, Delaware, which manages a social enterprise made by and for Indigenous people and local communities to access climate markets directly; Sunereum Labs, based in Chapel Hill, North Carolina, which develops insurance solutions powered by the Internet of Things and AI to reduce risks for clean energy assets and accelerate the transition to a renewable energy economy; WeRadiate, based in Rochester, New York, which creates nutrient-rich soil and fertilizers through their soil data-as-a-service model; and Witching Hour, based in Knoxville, Tennessee, which helps power companies prevent wildfires using a robotic system to install advanced materials over existing power lines.

Other news

SAP is deepening its partnership with American Express. SAP Concur and Amex are launching a real-time authorization data capability in which American Express Corporate Card purchases automatically generate and categorize expenses, starting with meal transactions, in Concur Expense at the time of spend. This integration will include real time mobile notifications via the Concur mobile app that alerts the employee with expense policy reminders in the moment. Additionally, American Express Global Business Travel has integrated its hotel marketplace, featuring over 2 million properties across 180 countries, into the new Concur Travel solution, providing customers access to comprehensive hotel content, including negotiated programs and preferred partner rates. ... Top 50 firm UHY has been awarded Blackline's 2024 Customer Success Partner of the Year. The award recognizes partners who are driving outstanding customer adoption and value realization. This year's honorees are also recognized for their deep expertise, strategic collaboration and commitment to driving meaningful outcomes for joint customers.