Newsletter for the Reporting Standard of Business and Government

August, 2026

The Securities and Exchange Commission (SEC) published the June 2026 Semi-Annual Report to Congress on July 1, 2026. The report notes that key benefits of XBRL tagging for data consumers include "…decreased information asymmetry between firms and investors by reducing information processing costs, making stock prices more informative, and reducing market inefficiencies and risks," as well as enhanced market competition, and heightened monitoring of issuers which helps to inform investors and markets. It also notes, "Machine-readable data also includes metadata that provides contextual information that is highly relevant for training artificial intelligence (AI) and enabling machine-learning analyses, which are increasingly being used by investors. Studies have also found that providing large language models (LLMs) with structured data reduces error rates compared to HTML or unstructured data, and improved LLM performance and cost-effectiveness on financial tasks."

The study notes that issuers have benefited from reduced audit fees and increased audit timeliness; higher liquidity; lower cost of capital; higher return on investment; and improved benchmarking, noting, "… Freely usable technical validation rules also allow issuers to check for certain errors before the machine-readable data is submitted, which can further streamline the compliance process by reducing Commission staff time that would otherwise be spent pinpointing and communicating the existence of technical errors to issuers, and by reducing issuer time that would otherwise be spent resolving such errors and resubmitting the machine-readable data file."

The report states that Commission costs include taxonomy and schema development, EDGAR system updates, integrating new structured data into databases and publishing new datasets. In assessing the cost to issuers, the Commission notes that based on its understanding of third-party structured data pricing, "…smaller filers typically pay between $1,500 and $5,000 per year for third-party structured data compliance services and/or software, while larger filers typically pay between $5,000 and $30,000 per year for such services and/or software."

The SEC published a request for comment seeking input on their previously published 2026 Regulatory agenda. Comments should be received by September 14, 2026.

XBRL International published a Public Working Draft for the next generation of the XBRL standard. The draft has been approved for release by the XBRL Standards Board under the code name "Project Tavi" (formerly "OIM Taxonomy"). The Project Tavi specification defines taxonomies using a simplified data model, represented for now in JSON. It uses XBRL taxonomies to capture XBRL registries for Units, Data Types, and Link Roles. The XBRL 2.1 specification will continue to be supported with no plan to require migration of existing programs to the Project Tavi specification.

While the Project Tavi specification remains subject to change, it is being published to gather broader input on the direction of this next-generation framework for the XBRL standard. Access the specification and a set of worked examples that you can run and modify. Interested parties are asked to undertake a technical review and submit comments on this initial draft through oim-feedback@xbrl.org by 16 October 2026. For vendor members, or internal software developers, there will be two hands-on workshops in September and October. Details will be available shortly.

XBRL US responds to PCAOB 2026-2030 Strategic Plan Goals and Objectives. Our letter addressed PCAOB Goal 1: Modernize Standard Setting and Implementation by recommending that the PCAOB consider the vLEI (Verifiable Legal Entity Identifier) which can help with the audit process, and the Digital Signatures in XBRL 1.0 Standard (D6) which provides a secure, technology agnostic method to apply legally recognized signatures to XBRL and Inline XBRL. AI makes it easier to fake financial statements, heightening the risk of market manipulation. The D6 specification can help auditing by transforming unstructured electronic signatures into cryptographically sealed, machine-verifiable proof of data integrity and accountability.

On PCAOB Goal 5: Modernize Oversight Through Technology and Data, we pointed out that the PCAOB has access to highly structured, granular financial statement data, thanks to the SEC public company data collection that has been in place since 2009. Digital, structured, corporate financials paired with artificial intellience tools makes a powerful combination that will help the PCAOB use technology to meet their objectives efficiently and cost-effectively.

CFTC and SEC announce further extension of Form PF Amendments Compliance Date. The final rule, Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date extends the compliance date for the amendments to Form PF that were adopted on February 8, 2024, from October 1, 2026, to July 1, 2027. Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operator (a "CPO") or a commodity trading adviser.

FASB announces public comment for proposed GAAP Taxonomy Improvements. The Proposed GAAP Taxonomy Improvements for Proposed Update on Codification Improvements would update the Codification for technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The comment period ends on November 19, 2026. The Proposed Technical and Other Conforming Improvements for the 2027 SEC Reporting Taxonomy is a separate request for comment on technical other improvements proposed for the 2027 SEC Reproting Taxonomy (SRT). The comment period for the Release Notes ends on October 30, 2026.

XBRL US comments on the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) Joint Request for Comment on Swap and Security-Based Swap Data Reporting. In our letter, we supported the goal of the Commissions to rationalize and simplify reporting to maximize accuracy, completeness, timeliness, and integrity of reported swap and SBS data.

The Securities and Exchange Commission (SEC) published a proposed rule Regulation Crypto Assets which calls for the creation of a tailored offering regime for certain investment contracts involving crypto assets. The rule proposes a new XML based fillable form called SEC Form 1-CRYPTO which includes information about the issuer and the offering. Comments are due on October 20, 2026. Read the announcement. Read the fact sheet. Read Chairman Atkins' statement.

XBRL US responded to the Office of the Comptroller of the Currency (OCC) rule proposal GENIUS Act: Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the Office of the Comptroller of the Currency. The proposal is a new information collection related to the weekly and quarterly reporting forms that must be completed by permitted payment stablecoin issuers and foreign payment stablecoin issuers under the proposed rule issued by the OCC on March 2, 2026. The XBRL US letter reiterated the points raised in our first comment letter to the OCC, made recommendations related to the new reporting forms, responded to questions raised in this proposal, and described a proof-of-concept underway to illustrate how an XBRL implementation for digital assets would work.

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 Civic Federation; the Ohio State Auditor’s Office; the Center for Public Accountability at the California Policy Center; Assured Guaranty; and more. Get details and register.

Data Amplified 2026, October 26-27, 2026, The Hague, the Netherlands.
In an AI era, how can structured data enhance trust? How can streamlined digital reporting drive value? Data Amplified 2026 will dive into these essential discussions, bringing together regulators, technologists, finance professionals and others. Get details and register.

XBRL US Meetings

The next meeting of the Data Quality Committee (DQC) is on Wednesday, October 7 at 10 AM ET. Register to attend online.

The Domain Steering Committee will meet Tuesday, September 15 at 2 PM ET. https://xbrl.us/events/dsc-260915 - 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, October 13 at 12:30 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, October 27 at 12:30 PM ET. (membership@xbrl.us for details)

The Digital Asset Working Group will meet Thursday, September 17 at 2 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, September 9 at 4:30 PM ET. (membership@xbrl.us for details)

The Academic Subcommittee is on hiatus for the Summer.

Member News and Events

Event: AICPA 2026 Future of Finance Summit - Get details and register.
Post: $9.4 Billion in tariff Refunds, to date - Read the blog.

XBRL US Articles, White Papers, and Blogs

Blog: XBRL API updates improve AI Connector efficiency. XBRL US' David Tauriello explains that since the release of the XBRL API in 2018, we've heard from hundreds of users with questions and feedback on functionality to improve analysis with data from our Public Filings Database. We've tightened up the efficiency of XBRL API filters and fields, and even added functionality to enable comparison filtering. Find out about upgrades and how to put them to work for your own analysis. Read.

XBRL US Statement on FDTA Joint Data Standards. XBRL US supports the release of the Financial Data Transparency Act (FDTA) Joint Standards published on June 9, 2026. The FDTA could pave the path towards Standards Business Reporting (SBR), an XBRL-based initiative fostering greater interoperability and efficiency in business to government reporting. XBRL optimizes the efficiency of artificial intelligence platforms which is critical today with greater marketplace reliance on AI and the rising cost of AI tools. Plus, XBRL is the only semantic data model that meets the properties for data standards outlined in the FDTA rule. CSV, HTML, XML, and JSON, when aligned with the XBRL semantic data model, meet all FDTA requirements and successfully produce interoperable, machine-readable digital data to reduce data processing costs and boost transparency. Read more.

XBRL US Members are committed to engaging and collaborating with other members, contributing to the standard through involvement of their teams, and striving to build awareness and educate the market. Members of XBRL US represent the full range of the business reporting supply chain.

Not yet an XBRL US member? Maybe it's time to consider joining XBRL US for yourself ($55 - $550/ year) or your organization (fees vary). Find out more about the benefits of membership and how to become involved by visiting https://xbrl.us/benefits.