SEC.gov | FASB Issues Proposed Update for Future Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Equity Securities Subject to Contractual Sale Restrictions
The update concerns mandatory submission of financial data in a prescribed XBRL format for SEC filings, which constitutes a regulatory reporting obligation for public companies.
Mandatory inheritance: Regulatory Reporting is a child of Supervision, so Supervision must be raised as the secondary tag.
Obligation
The update mandates use of an updated XBRL taxonomy for SEC filings, which requires firms to adopt and implement a new technical reporting standard, aligning most closely with Controls Implementation as a system/process deployment obligation.
The update also imposes a requirement to use only SEC-approved annual GAAP Financial Reporting Taxonomy compilations in submissions, which has elements of a compliance verification or approval-gating process, though the obligation is primarily technical rather than governance-focused.
Activity
This update concerns SEC financial reporting taxonomy and XBRL technical standards for investment company disclosures, which does not map clearly to any retail financial services business activity in the taxonomy.
While the update touches on investment company fair value measurement standards, it is primarily a technical accounting and reporting infrastructure change rather than a core business activity affecting retail customers or product governance.
Themes
This update concerns technical accounting taxonomy standards for corporate financial reporting to the SEC, which falls outside the scope of retail financial services regulation covered by the FS Regulatory Themes taxonomy.
While transaction reporting involves structured data submission to regulators, this update addresses general corporate accounting taxonomy rather than financial transaction or trade reporting obligations specific to retail financial services.
Functions
Finance and Treasury functions typically own regulatory capital accounting treatment and financial reporting obligations, though this update is primarily a technical taxonomy refinement for XBRL structured filings rather than a substantive accounting or capital requirement.
Technology teams may need to update XBRL submission systems and EDGAR filing processes to accommodate the new taxonomy elements and deprecations, though the update is primarily accounting-focused rather than systems-driven.
Keywords
DERA What's new,EDGAR,US GAAP,FASB,XBRL taxonomies
2026-07-09 08:22:10·rghosh@vixio.com
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TITLE: U.S. Securities and Exchange Commission Publishes Proposed Update for Financial Reporting Taxonomy
BODY:
On July 8, 2026, the U.S. Securities and Exchange Commission (SEC) published a proposed update for the future version of the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. The proposed update relates to the Proposed Accounting Standards Update (ASU) on Fair Value Measurement (Topic 820) concerning investment companies with equity securities subject to contractual sale restrictions.
The Financial Accounting Standards Board (FASB) developed the proposed taxonomy update to include reference modifications, new elements for ASU identification, and deprecation for guidance that is no longer applicable. The update aims to enhance the eXtensible Business Reporting Language (XBRL)-structured financial statements used in SEC filings. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to review the proposed update to improve the process for creating and using XBRL-structured financial statements. Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy specified on the SEC's website may be used in SEC XBRL submissions. The proposed taxonomy update does not indicate SEC approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. The taxonomy version for proposed updates will be determined based on the effective date of each final Accounting Standards Update.
The public comment period on the proposed update ends on July 17, 2026. Interested parties should submit comments directly to the FASB. For updated information on when the SEC approves changes related to the EDGAR Filer Manual, stakeholders should refer to the SEC's EDGAR Filer Manual webpage.
SEC.gov | FASB Issues Proposed Update for Future Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Equity Securities Subject to Contractual Sale Restrictions 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 Equity Securities Subject to Contractual Sale Restrictions July 8, 2026 The Financial Accounting Standards Board (FASB) has published a proposed update for the future* version of U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to the Proposed Accounting Standards Update (ASU) on Fair Value Measurement (Topic 820) – Investment Companies with Equity Securities Subject to Contractual Sale Restrictions . The proposed taxonomy update would 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 July 17, 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 Filer Manual 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: July 8, 2026