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Track 4 - Best Practices Track

21st XBRL International Conference “One Language, Common Vision: Role of XBRL Technology in the Post Crisis Era 19-21 October 2010 Beijing, China. J. Louis Matherne, CPA Chief of Taxonomy Development Financial Accounting Standards Board Tuesday, 19 October 2010, 3:00pm – 3:30pm.

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Track 4 - Best Practices Track

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  1. 21st XBRL International Conference“One Language, Common Vision: Role of XBRL Technology in the Post Crisis Era19-21 October 2010Beijing, China J. Louis Matherne, CPA Chief of Taxonomy Development Financial Accounting Standards Board Tuesday, 19 October 2010, 3:00pm – 3:30pm Track 4 - Best Practices Track BPB3. Financial Accounting Standards Board Experience With the Proposed2011 US GAAP Financial Reporting Taxonomy

  2. Disclaimer The Financial Accounting Foundation and the Financial Accounting Standards Board disclaims responsibility for any private publication or statement of any FAF/FASB employee. This presentation expresses the author’s views and does not necessarily reflect those of the FAF/FASB or other members of the staff.

  3. FASB XBRL Charge Requirements* • Ongoing development & maintenance of US GAAP taxonomy • Release 2011 US GAAP Taxonomy • Includes 2009/2010 ASUs • Identifies and includes filer XBRL “Best Practice” • Verify taxonomy content from XBRL US • Create sample XBRL instance documents *As detailed in MOU with SEC

  4. FASB XBRL Charge • Timeline for 2011 Taxonomy Release • 1 September 2010 • Begin 60 day public comment period • 15 December 2010 • Deliver FINAL taxonomy to SEC • Jan/Feb 2011 • SEC releases taxonomy for filer use

  5. FASB XBRL Charge -Joint Effort • XBRL Team “models” ASU for presentation and disclosure requirements using Note Tagging Spreadsheet (NTS), which includes: • All identified concepts requiring modifications as a result of ASU • Concept definitions and references • Modeling relationships, i.e., Presentation, Calculation, Tables, etc. • Other basic attributes, i.e., monetary/string, debit/credit, etc.

  6. FASB XBRL Charge -Joint Effort • Project Team reviews and provides input to: • Ensure completeness with emphasis on accuracy and language of definitions and references • Ensure all new disclosure requirements have corresponding elements in NTS • Study base taxonomy (on Yeti) to identify elements (not in NTS) that may be impacted by ASU Long-term strategy – integrate XBRL development into ASU process

  7. “Best Practice” Review Objective • Improve taxonomy by creating concepts that increase comparability of financial data points • A recent study indicated that “only 37% of data elements are directly comparable between a pair of statements*.” • Any extension created by a filer results in a lack of comparability but an appropriately used extension can provide valuable information. *Hongwei Zhu and Harris Wu. – XBRL and Interoperability of Financial Statements in the U.S.

  8. Proposed Taxonomy Exposure Process • ASU Development and Exposure Process ExposeTaxonomyFragment Model Disclosure On Agenda/Deliberate Watch Engage Pre-Ballot/Ballot ExposureDraft Pre-Ballot/Ballot Revise Re-Deliberate Revise Final Final • Proposed XBRL Development and Exposure Process Steps • Create elements • Create Instance Document • Expose taxonomy fragment with sample instance document • Make changes based on comments • Make changes based on comments • Release in base taxonomy as complete • Create sample disclosure working with Project Team

  9. Overview Of Taxonomy Changes • Updates for accounting standards • Expanded disclosure for previous omissions, including common reporting practices observed in company filings • Correction of errors and rationalization of duplicated concepts • Updated modeling of existing taxonomy structures for XBRL architectural developments (e.g., dimensional tables).

  10. Change Highlights • The proposed 2011 UGT has been updated for GAAP changes over the past two years and pronouncements that became effective for periods ending after December 15, 2010. • Placed additional PFS aggregation point elements that do not readily fit within the hierarchical structures of the PFS groups into supplemental disclosures. • Added new elements related to the following industries: agriculture, airlines, entertainment entities, and franchisors. • Added group “195000 – Disclosure – Comprehensive Text Block List”. This group contains instances of all text block elements.

  11. Change Highlights • Created a label convention for the text blocks corresponding to the SEC block tagging requirement; Level one text block labels end with [Text Block]; Level two text blocks end with [Policy Text Block]; and Level three text blocks end with [Table Text Block]. • Converted many of the policy elements in group “290000 - Disclosure - Accounting Policies” from string elements to text block elements. • Added a new label (“2011 New Element”), which indicates that the element is a new addition to the 2011 UGT. • Improved reference linkage to the Accounting Standards Codification. Pre-Codification references have been retained to help users transition from the previous accounting hierarchy • Non-GAAP schemas are not included in the 2011 UGT. The relevant non-GAAP schemas are now published and supported directly by the SEC and are available on the SEC website.http://www.sec.gov/info/edgar/edgartaxonomies_d.shtml

  12. Public Comments

  13. 21st XBRL International Conference“One Language, Common Vision: Role of XBRL Technology in the Post Crisis Era19-21 October 2010Beijing, China J. Louis Matherne, CPA Chief of Taxonomy Development Financial Accounting Standards Board Tuesday, 19 October 2010, 3:00pm – 3:30pm Track 4 - Best Practices Track BPB3. Financial Accounting Standards Board Experience With the Proposed2011 US GAAP Financial Reporting Taxonomy

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