SEC.gov | FASB Issues Proposed Update for Future* Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Market-Return Cash Balance Plans
This update concerns accounting taxonomy standards and financial reporting infrastructure for pension plan disclosures, which falls outside the scope of the FS Products & Services taxonomy focused on consumer-facing financial products and services.
No investment services, asset management, lending, or digital asset dimensions are present; this is purely a technical accounting and reporting standards matter.
Specialism
The update mandates changes to financial reporting taxonomy and XBRL submission standards for SEC filers, which constitutes a regulatory reporting obligation affecting how entities must structure and submit financial data.
Mandatory inheritance: Regulatory Reporting is a child of Supervision, so Supervision must be raised as the secondary tag.
Keywords
DERA What's new,EDGAR,US GAAP,FASB
2026-06-18 13:05:32·pdonofrio@vixio.com
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TITLE: U.S. Securities and Exchange Commission Publishes Proposed Update to Financial Reporting Taxonomy
BODY:
On June 17, 2026, the U.S. Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published a proposed update to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. The proposed update relates to a forthcoming Accounting Standards Update (ASU) on market-return cash balance plans under Compensation – Retirement Benefits – Defined Benefit Plans – Pension (Subtopic 715-30).
The proposed taxonomy update will incorporate reference modifications, introduce new elements for ASU identification, and deprecate guidance that is no longer applicable. The update aims to ensure the Financial Reporting Taxonomy accurately reflects changes to accounting standards governing how entities measure benefit obligations for certain market-return cash balance plans. The taxonomy serves as the technical foundation for eXtensible Business Reporting Language (XBRL)-structured financial statements submitted to the SEC, enabling standardised data collection and analysis across filers, investors, and analysts.
The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to submit comments on the proposed update. The public comment period ends on August 10, 2026, with submissions directed to the FASB. The SEC emphasises that only annual compilations of the U.S. GAAP Financial Reporting Taxonomy specified on the Commission's website may be used in SEC XBRL submissions. The availability of the proposed taxonomy update for public comment does not indicate SEC approval of any regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. The final taxonomy version will be determined based on the effective date of the final ASU.
SEC.gov | FASB Issues Proposed Update for Future* Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Market-Return Cash Balance Plans Skip to search field Skip to main content Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( Lock A locked padlock ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites. More in this Section Announcement FASB Issues Proposed Update for Future* Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Market-Return Cash Balance Plans June 17, 2026 The Financial Accounting Standards Board (FASB) has published a proposed update to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to the Proposed Accounting Standards Update (ASU) on Compensation – Retirement Benefits – Defined Benefit Plans – Pension (Subtopic 715-30) – Discount Rate Used to Measure the Benefit Obligation for Certain Market-Return Cash Balance Plans . The proposed taxonomy update will include reference modifications, new elements for ASU identification, and deprecation for guidance that is no longer applicable. The public comment period on the proposed update ends on August 10, 2026. Comments should be submitted directly to the FASB . The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using eXtensible Business Reporting Language (XBRL)-structured financial statements. Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. Please refer to the SEC’s EDGAR webpage for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual. *The taxonomy version for proposed updates related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update. Last Reviewed or Updated: June 17, 2026