meta_id 3250382

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will incorporate reference modifications, introduce new elements for ASU identification, and deprecate guidance that is no longer applicable.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.