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Pacific Rim Conference. July 28, 2009. Pacific Rim Conference. US-GAAP US GAAP 2009 Taxonomies Codification Extension Taxonomy for 2010 Corporate Actions Mortgage Backed Securities Other Taxonomies. US GAAP – US GAAP filing Program. 38 Filings in the last week Company Extensions

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Pacific Rim Conference

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Pacific Rim Conference

July 28, 2009


Pacific Rim Conference

  • US-GAAP

    • US GAAP 2009 Taxonomies

    • Codification

    • Extension Taxonomy for 2010

  • Corporate Actions

  • Mortgage Backed Securities

  • Other Taxonomies


US GAAP – US GAAP filing Program

  • 38 Filings in the last week

  • Company Extensions

    • Aggregation

    • Specific elements

    • Lack of understanding

    • Industry Specific Tags

    • Extensions for Accounting changes

    • Extensions for Taxonomy version used

  • Data Standard

    • High to date, few companies have calculation problems


US GAAP – FASB Codification

  • Extension Taxonomy

  • Absolute and Relative References

  • Uploaded to Yeti

  • Download as zip file


US GAAP – FASB Codification


US GAAP – FASB Codification


US GAAP - FASB pronouncement extension

  • SEC EFM compliant version

  • Will be integrated into the 2010 taxonomy

  • Not authoritative taxonomy

  • No specific public review

  • Public review will be as part of 2010 taxonomy

  • Comments can be submitted upon release


US GAAP - FASB pronouncement extension

  • FSP FAS 107-1 & APB 28-1

    • Interim Disclosures about Fair Value of Financial Instruments

  • FSP FAS 115-2 & 124-2

    • Recognition and Presentation of Other-Than-Temporary Impairments

  • FSP FAS 132(R)-1

    • Employers’ Disclosures about Postretirement Benefit Plan Assets

  • FSP FAS 141(R)-1

    • Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies


US GAAP - FASB pronouncement extension

  • FSP FAS 157-4

    • Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

  • FAS 165

    • Subsequent Events

  • FSP FAS 140-4 and FIN 46(R)-8

    • This was included in the published US GAAP 2009 taxonomy. However, on further review and discussion with the FASB subject matter expert (SME), the XBRL Taxonomy Development Team determined additional elements and certain refinements to existing elements was required.


US GAAP - FASB pronouncement extension


US GAAP - Changes


FAQ


Consistency Checks

  • Validate Instances against latest taxonomy

  • Covers:

    • Signs

    • Validity of tables

    • Mutual exclusivity

    • Mutually inclusive

    • Required disclosures

    • Internal consistency


Update on Corporate Actions - Scope

  • Will cover at least 55 corporate actions

  • Uses different entry points

  • Filters based on corporate action type, market, options and securities.

  • Includes translation to ISO standards

  • Captures all data in ISO standard

  • Uses typed dimensions


Update on Corporate Actions - Timing

  • Merger portion of taxonomy introduced at 5/28 conference

  • Outreach program initiated

  • Completed draft available/public review begins March 2010

  • Public review ends May 2010

  • Taxonomy completed June 2010


Corporate Actions


Corporate Actions


Mortgage Backed Securities

  • Built a taxonomy for Mortgage Backed Securities

  • Captures details of individual loans at initiation and ongoing surveillance.

  • Fills the gap in the non standardized nature of loan data from different service providers.


Mortgage Backed Securities


Other Taxonomies

  • Mutual Fund reporting

  • Schedule of Investments

  • Credit Ratings


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