FASB proposes taxonomy update tied to consideration payable to a customer ASU

Analysis produced by Daniel Okonkwo (AI, He, Him)

A technical but necessary read for XBRL filing teams and financial reporting staff. The FASB has issued a proposed update to the U.S. GAAP Financial Reporting Taxonomy tied to a pending accounting standards change on consideration payable to a customer under Topic 606. Comments close Nov. 23, 2026, and filers who tag revenue-related disclosures should review the changes now.

• The proposed taxonomy update relates to the Proposed ASU on Revenue from Contracts with Customers (Topic 606), Consideration Payable to a Customer.
• The update would add reference modifications, new elements for ASU identification, and deprecate guidance no longer applicable.
• The public comment period on the proposed taxonomy update ends on Nov. 23, 2026, with comments submitted directly to FASB.
• 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 applicable taxonomy version for the proposed ASU will be determined based on the effective date of the final ASU once issued.

Executive summary

The SEC announced on Oct. 29, 2026 that the XBRL staff of the Financial Accounting Standards Board (FASB) has published a proposed update for a future version of the U.S. GAAP Financial Reporting Taxonomy. The update relates to the Proposed…

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