Newsletter for the Reporting Standard of Business and Government

July, 2026

Joe Ferguson, President, The Civic Federation, to keynote GovFin 2026, a virtual conference for government finance officers. Before joining The Civic Federation in 2023, Joe Ferguson was inspector general for the City of Chicago from 2009 to 2021, appointed by former Mayor Richard M. Daley and twice reappointed by former Mayor Rahm Emanuel. Previously, Mr. Ferguson spent 15 years with the U.S. Attorney’ Office for the Northern District of Illinois, directing cases on terrorism financing, government programs, health care and financial institution fraud, racketeering and public corruption. He will share his insights and experience about financial reporting, municipal challenges, transparency, and accountability.

Other themes that will be addressed during this year's program on September 22, 2026, include 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. Get details and register.

CARB hosts virtual listening sessions on the California Corporate Greenhouse Gas Reporting Program. The California Air Resources Board (CARB) will hold a series of virtual listening sessions to gather sector-specific stakeholder feedback on the California Corporate GHG Reporting Program authorized by Senate Bill (SB) 253. CARB will present an overview of the proposed regulation and interested parties will have an opportunity to provide verbal comments (2-minute time allotment). The schedule of sessions includes:

• Listening Session 1: Data Users & Public Interest Stakeholders, August 5, 2026, 1:00 to 3:00 ET.
• Listening Session 2: Manufacturing, Industrial, Fuel & Life Sciences, August 12, 2026, 1:00 to 3:00 ET.
• Listening Session 3: Agriculture, Food, Beverage & Forestry, August 19, 2026, 1:00 to 3:00 ET.
• Listening Session 4: Energy, Utilities, Transportation, Logistics & Waste management, August 26, 2026, 1:00 to 3:00 ET.
• Listening Session 5: Retail, Consumer Goods, Technology & Commercial Services, September 2, 2026, 1:00 to 3:00 ET.
• Listening Session 6: Banking, Finance & Insurance, September 9, 2026, 1:00 to 3:00 ET.

Read the notification, agenda and register to attend sessions.

Crypto rule proposals included in SEC Regulatory Agenda. SEC Chairman Atkins' statement published along with the 2026 Regulatory Agenda noted, "To deliver on President Trump's goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets, and providing clarity as to how market participants can custody and facilitate trading of tokenized securities onchain. All while ensuring strong investor protection guardrails are in place and continuing to pursue bad actors who violate the law." The Agenda includes RIN: 3234-AN38, Crypto Assets, described as "... rules relating to the offer and sale of crypto assets, potentially to include certain exemptions and safe harbors, to help clarify the regulatory framework for crypto assets and provide greater certainty to the market." and RIN: 3235-AN49, Crypto Market Structure Amendments, described as amendments to "...Exchange Act Rules to account for the trading of crypto assets on ATSs and national securities exchanges."

SEC final rule delegates authority for certain activities from the Division of Examinations to other SEC staff. The rule, Modernization of Delegations of Authority to Commission Staff removes certain functions that currently reside with the Director of Division of Examinations and moves them to Commission staff in the EDGAR Business Office with a stated aim to "promote more efficient and streamlined operations, reduce redundancy, and improve customer service to the public." Further, the rule also delegates certain functions, also previously handled by the Division of Examinations to the Director of the Office of Municipal Securities, again with a goal to "provide greater consistency across these regulated entities and enhance efficiency".

XBRL US comments on SEC rule proposal, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies, which aims to streamline filer status for public companies by establishing two primary categories: large accelerated filers and non-accelerated filers. The proposed amendments would also raise the threshold and seasoning requirements for large accelerated filers, and extend to all non-accelerated filers the existing accommodations and scaled disclosures applicable to smaller reporting companies and emerging growth companies. The Commission also proposes to extend periodic reporting deadlines for the smallest non-accelerated filers, as measured by total assets.

The change would move more than half of the companies currently considered Large Accelerated Filers (LAF) into the pool of Non-Accelerated Filers (NAF) which carries a substantial reduction in disclosure requirements. Over 1,000 companies would have significant changes to their disclosure requirements including extended filing deadlines, scaled disclosures, and exemptions. Data that has previously been prepared in XBRL format such as pay versus performance disclosures and some block text tagging such as risk factors, would no longer be required to be reported and therefore no longer be available to investors. These changes will impact data and analytic offerings and the investors and analysts that rely on them. It could also have an adverse impact on the companies themselves as fewer disclosures would reduce their profile among the investment community.

The Commission's Semiannual Reporting proposal received more than 200,000 responses which mostly opposed the proposed rule. As of this newsletter preparation date, nearly 134,000 comment letters had been incorporated into an analysis performed by an AI generated Semiannual Reporting tracker, which calculates that 99.5% opposed and 0.25% were supportive of the rule. XBRL US opposed this proposal in its comment letter submitted on June 24, 2026.

XBRL US responds to the GENIUS Act proposal from the National Credit Union Administration on operational and risk management standards. The NCUA proposed rule applies to permitted payment stablecoin issuers under NCUA jurisdiction and is the second rule published by the agency. In XBRL US' letter, we recommended that disclosures from stablecoin issuers be prepared in XBRL format; that rules should align with other GENIUS Act regulatory requirements and with requirements set under the Financial Data Transparency Act (FDTA); that disclosures should be prepared to optimize use with artificial intelligence; and that other NCUA disclosures such as credit union Call Reports (Form 5300) be prepared in XBRL as well to eliminate duplicate reporting and enable greater economies of scale and thus, efficiencies.

FDIC seeks comment on stablecoin issuer reporting forms and instructions which it intends to require to be reported in structured format. The rule, Reporting Forms and Instructions Associated with Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers invites feedback during a comment period that closes September 18, 2026. The FDIC rule includes links to detailed instructions and templates explaining its proposed reporting requirements:

• Form PS-01, weekly reporting for PPSIs with $1 billion or more in total outstanding issuance value or $100 million or more in average daily transaction volume in the prior month,
• Form PS-01a, weekly reporting for PPSIs with less than $1 billion in total outstanding issuance value and less than $100 million average daily transaction volume in the prior month and,
• Form PS-02, the proposed quarterly reporting for all PPSIs.

The rule provides instructions and sample reports which are published as text documents, however the proposed rule notes, "…the FDIC expects to use structured formats (e.g., XML, JSON, or CSV/XBRL, etc.) to improve the usability of submitted data. The FDIC seeks comment on which format would be most effective for PPSI submissions."

FASB requests comments on Taxonomy Implementation Guides related to the GAAP Taxonomy. The Financial Accounting Standards Board (FASB) guides are designed to address the following topics:

• Financial Statement Location Dimensions: A Guide for Preparers (File Reference Number 2026-2850). The proposed Guide describes when and how to use the financial statement location dimensions and when alternative elements should be used instead. It illustrates the use of each of the financial statement location and transactional information dimensions. Comments will be accepted until August 20, 2026.
• Financial Services—Investment Companies (Including SEC S-X Schedules for Business Development Companies) (File Reference Number 2026-2900).The proposed Guide covers, among other topics, the modeling for the Schedule of Investments. Examples have been added to illustrate the option to use key-value pairs for non-numeric, investment-specific information in the schedule of investments. When filings contain a significant number of investments, using this option reduces the risk of processing failures. Comments will be accepted until August 10, 2026.

Comments can be submitted for each proposed guide by email to xbrled@fasb.org. Include the File Reference Number with submitted comments.

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.

Webinar Replay: Quarterly versus Semiannual - 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 replay.

XBRL US Meetings

The Data Quality Committee (DQC) approved a public review for version 31 of its Rules and Guidance for SEC filers on August 5. Learn about the DQC.

The Domain Steering Committee will meet Tuesday, August 18 at 2 PM ET. https://xbrl.us/events/dsc-260818 - 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, August 11 at 3 PM ET. (membership@xbrl.us for details)

The Standard Government Reporting Working Group will meet Tuesday, August 25 at 12:30 PM ET. (membership@xbrl.us for details)

The Digital Asset Working Group will meet Thursday, August 6 at 2 PM ET. (membership@xbrl.us for details)

The Technical Advisory Committee (XTAC) will meet on Wednesday, August 12 at 4 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: Catching Up on Tariff Disclosures - Read the blog.
News: Ez-XBRL Solutions Named a 2026 Gartner Coolest Vendor Innovations in AI-Driven Disclosure and Regulatory Reporting - Read the release.

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 the blog.

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.