meta_id 3270873

On June 25, 2026, the U.S. Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) published a proposed update to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. The proposed update relates to a Proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815) addressing targeted improvements to accounting for interest rate risk hedging and net investment hedging. The proposed taxonomy update includes reference modifications, new elements for ASU identification, and deprecation for guidance that is no longer applicable. These changes are designed to ensure the taxonomy accurately reflects the proposed accounting standards and facilitates consistent eXtensible Business Reporting Language (XBRL)-structured financial reporting. The update is applicable to SEC filers, investors, analysts, software service providers, and other market participants who prepare or use XBRL-structured financial statements. 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, ensuring standardisation across filings. The public comment period on the proposed taxonomy update ends on August 17, 2026, and comments should be submitted directly to the FASB. The SEC encourages all interested parties to participate in this public review to improve the process for creating and using XBRL-structured financial statements. The SEC notes that the availability of the proposed update for public comment does not indicate Commission 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.