meta_id 3306707

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update to include reference modifications, new elements for ASU identification, and deprecation for guidance that is no longer applicable.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.