Newsletter for the Reporting Standard of Business and Government

June, 2026

GovFin 2026 - A Changing Climate for Municipal Disclosures, announced for September 22, 2026. This year's one-day, virtual conference will focus on themes including monitoring municipal fiscal health, the next steps for the Financial Data Transparency Act (FDTA) and digital reporting, and managing climate impact for state and local governments. Speakers have already been confirmed from the Office of Municipal Securities at the Securities and Exchange Commission (SEC); the Governmental Accounting Standards Board (GASB), the Ohio State Auditor's Office; the Center for Public Accountability at the California Policy Center; Assured Guaranty; and more. Get details and register.

XBRL US supports the final Financial Data Transparency Act (FDTA) Joint Data Standards Rule, published June 9, 2026. The joint rule describes the requirements for data standards to promote interoperability of financial regulatory data across nine agencies: the OCC, the Federal Reserve Board, the FDIC, the NCUA, the CFPB, the FHFA, the CFTC, the SEC, and Treasury, and is the first step in moving regulatory data collection in the U.S. towards greater efficiency, transparency, and accountability in the financial markets.

The FDTA can pave the path towards Standard Business Reporting (SBR), a business to government program described by the U.S. Government Accountability Office (GAO) in their report, REGULATORY REPORTING REFORM: Financial Data Transparency Act Requires Initial Steps Toward Government-wide Data Standards. The GAO report said that SBR has the potential to "improve the quality and efficiency of data analysis by regulators", "improve oversight and more timely identification of compliance concerns", and "reduce reporting entities' burden by making financial reports across multiple regulatory agencies more efficient." The XBRL standard is the foundation for SBR and has been successfully implemented in the Netherlands and the Nordic countries.

We commend the agencies for collaborating on completion of the final rule (See the XBRL US statement of support). The XBRL standard is the only semantic data model that satisfies the list of required properties outlined in the FDTA. CSV, XML, and JSON meet all FDTA required properties when supported by the XBRL semantic data model. Inline XBRL is a human- and machine-readable version of XBRL that also satisfies all FDTA properties.

XBRL is the structured, standardized data model that optimizes the efficiency of artificial intelligence tools; greater efficiency is critical now that AI tool costs are rising as providers, not surprisingly, seek to recoup the enormous investments made in energy and infrastructure to support the creation and deployment of LLMs.

With the completion of the joint agency rule, each agency will begin drafting proposals for rules specific to their own data collection. As a standards organization and community with deep technical, accounting, finance, and standards knowledge, XBRL US stands ready to support all FDTA agencies as the next phase of implementation begins.

FASB requests comments on GAAP Taxonomy improvements related to proposed updates. The Financial Accounting Standards Board (FASB) has posted release notes for proposed taxonomy changes to support the following Proposed Updates:

Equity Securities Subject to Contractual Sale Restrictions, which would require that investment companies consider contractual sale restrictions in measuring the fair value of equity securities and disclose the amount of the discount attributable to contractual sale restrictions. Comments are due July 17, 2026. Read the Release Notes.
Accounting for Interest Rate Risk Hedging and Net Investment Hedging: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Interest Rate Risk Hedging and Net Investment Hedging. Comments are due by August 17, 2026. Read the Release Notes.
Market-Return Cash Balance Plans. The update addresses the proposed Accounting Standards Update: 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. Comments are due by August 10, 2026. Read the Release Notes.

Comments can be submitted for each proposed update by email to xbrled@fasb.org. Include the File Reference Number indicated on the cover of the Release notes with submitted comments.

SEC publishes for comment a proposed Rescission of Climate-Related Disclosure Rules.

On March 6, 2024, the SEC published the final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors which required public companies to prepare and submit Scope 1 and 2 Greenhouse Gas emissions data using Inline XBRL. On March 27, 2025, the SEC voted to end defense of the rule in the face of various challenges to the rule from states and private parties. On June 3, 2026, the Commission published a rule proposal that would rescind the final climate rule. They are accepting comments to the proposal rescission through August 3, 2026.

XBRL US comments on SEC Optional Semiannual Reporting Proposal

The SEC proposed rule for Semiannual Reporting would give companies the ability to opt for semiannual over quarterly reporting. The XBRL US letter raised concerns about semiannual reporting, notably questioning whether a reduction in reporting cadence would provide a significant incentive for companies to go public and stay public. Furthermore, we cited a CFA Institute survey of securities analysts which found that:

62% oppose replacing quarterly reporting with semiannual reporting.
70% oppose granting issuers the flexibility to choose or change their reporting cadence. Only 35% agree with semiannual versus quarterly reporting.
62% do not support a scaled approach for smaller companies.
69% disagree with allowing companies to change their reporting frequency.

The SEC requests input on the extension of data collection for Rule 17Ad-27. The rule requires Central Matching Service Providers (CMSP) to submit to the Commission every 12 months a report that includes quantitative and qualitative data which must be tagged in Inline XBRL. Comments to the Request must be submitted by July 27, 2026.

The California Air Resources Board (CARB) defers deadlines for GHG emissions reporting by three months. The deadline for entities to report Scope 1 and Scope 2 greenhouse gas (GHG) emissions to satisfy SB 253 has been moved from August 10, 2026, to November 10, 2026. The three month deferral is designed to give reporting entities additional time following the adoption of the initial regulation.

CARB will also propose changes to the regulation to clarify certain requirements and will make those changes available for comment in a forthcoming 15-day comment period. More information can be found on the CARB regulation website.

XBRL US supports the SEC Draft Strategic Plan FY 26-30. The Securities and Exchange Commission (SEC) Draft Strategic Plan outlines three goals: use regulatory policy to support innovation, capital formation, and investor protection; increase stakeholder engagement; and optimize operational efficiency. XBRL US described our support for these goals in our comment letter which explained the value of machine-readable XBRL data in making AI more efficient and generating consistent, interoperable data. We appreciate the collaboration we have with SEC staff through industry-driven programs such as the Data Quality Committee and the Regulatory Modernization Working Group. The work of these member groups working with the Commission has helped to improve the efficiency of EDGAR filing processing and the quality of reported data.

The SEC and CFTC publish a Joint Request for Comment on Swap and Security-Based Swap Data Reporting. The agency's request seeks input on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements. In a joint announcement, the agencies ask for specific input on harmonization across frameworks, transparency and data quality, operational complexity, standardized identifiers and reference data, and implementation considerations.Comments must be submitted by August 24, 2026.

OCC seeks input on a rule proposal for weekly and quarterly reporting to satisfy the GENIUS Act. The Office of the Comptroller of the Currency (OCC) published the bulletin GENIUS Act: Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the Office of the Comptroller of the Currency, which provided detailed instructions and sample templates to guide permitted payment stablecoin issuers and foreign payment stablecoin issuers under the proposed rule issued by the OCC on March 2, 2026. Comments responding to this second OCC rule proposal must be received by August 11, 2026.

XBRL US Events and Replays

GovFin 2026 - A Changing Climate for Municipal Disclosures, September 22, 2026

This one-day virtual program will address monitoring municipal fiscal health, the next steps for the Financial Data Transparency Act (FDTA) and digital reporting, and managing climate impact for state and local governments. Speakers have already been confirmed from the Office of Municipal Securities at the Securities and Exchange Commission (SEC); the Governmental Accounting Standards Board (GASB), the Ohio State Auditor's Office; the Center for Public Accountability at the California Policy Center; Assured Guaranty; and more. Get details and register.

Webinar Replay - Quarterly versus Semiannual Reporting - Implications of SEC Rule Amendments

Hear the discussion between Adrien Cloutier, CFA, Head of Equity Data, Morningstar, Sandra J. Peters, CPA, CFA, Senior Head, Global Advocacy, CFA Institute, and Sehrish Siddiqui, Partner, Bass, Berry & Sims PLC on SEC rule proposals including Semiannual Reporting, Registered Offering Reform, and Emerging Growth Companies & Filer Status Simplification. Watch: https://xbrl.us/events/260625/

Webinar Replay - Structured Data Case Studies, Unlocking the Power of XBRL for Next-GEN Financial Analysis

This 60-minute session goes beyond the basics to examine real-world case studies showcasing how cutting-edge, analytics platforms are harnessing structured XBRL data to deliver analysis that's faster, deeper, and more precise than ever before. See firsthand how AI and machine learning engines — leveraging granular, machine-readable datasets — are surfacing insights that traditional models simply can't reach. Watch: https://xbrl.us/events/260617/

Webinar Replay - Accounting, AI, and Automation:Preparing for the Future of Finance

Listen to the conversation and watch the demonstrations on how AI is reshaping the world of corporate accounting. From automating complex reconciliations and detecting anomalies in real time to generating financial forecasts with unprecedented precision, AI is unlocking a new era of speed, accuracy, and strategic insight for finance teams. But with transformative power comes transformative responsibility. Hear speakers Julie Bishop, Chief Accounting Officer from McAfee; Tom Hood, Executive Vice President, Business Growth and Engagement, AICPA; and Campbell Pryde, President and CEO of XBRL US. This program was brought to you through a partnership with PRO Groups. Watch replay.

XBRL US Meetings

The Data Quality Committee (DQC) approved version 30 of its Rules and Guidance for SEC filers on June 25. Learn about the DQC.

The Domain Steering Committee will meet Tuesday, July 21 at 2 PM ET. https://xbrl.us/events/dsc-260721 - all XBRL US Members are invited to attend

The Communications Steering Committee is on hiatus for the Summer.

The Regulatory Modernization Working Group will meet Tuesday, July 14 at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, July 28 at 12:30 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, July 8 at 4 PM ET. (membership@xbrl.us for details)

The Academic Subcommittee is on hiatus for the Summer.