2019 us gaap taxonomy updates - office hours · taxonomy implementation notes 960 1,026 941 303 —...

2019 US GAAP Taxonomy UpdatesJune 2019

Presenter

Sammi AzoulayCertified Public AccountantMember of the Workiva Strategic Reporting and Data Quality Staff

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Agenda

• 2019 US GAAP Taxonomy overview• Accounting Standards Updates• Reference/Taxonomy Technical Updates• Other Changes• 2019 SEC Reporting Taxonomy (SRT)

Polling Question #1

Polling Question #1

Are you wanting CPE credit for today's event?

a. Yesb. No

2019 US GAAP and SRT Taxonomy Updates

Focus of 2019 US GAAP Taxonomy Changes

Projects designed to reduce inconsistencies in application and enhance the intended use of the elements by addressing:

• Required ASUs and common reporting practices• Projects designed to improve the utility of the taxonomy• Migration of certain elements from the UGT to SRT

Overview of 2019 US GAAP Taxonomy Impact

Summary of major changes• Accounting Standards Updates• Reference Project• SEC Reporting Taxonomy (SRT)

Summary of Changes

No. of Elements2019 2018 2017 2016 2015

Reference changes 462 1,824 1,070 1,077 343New elements 831 709 942 215 309Taxonomy Implementation Notes 960 1,026 941 303 —Definition changes 386 399 282 469 103Label changes 402 629 279 119 64Deprecated items 295 574 176 681 441Clarification and Balance Type Change 0 22 — 2 8

Subtotal 3,336 5,183 3,690 2,866 1,268Deleted elements 681 441 177 955 628

Total 4,017 5,624 3,867 3,821 1,896

2019 ASUsReference changes 462 340 73.6 %New Elements 831 794 95.5 %Taxonomy Implementation Notes 960 841 87.6 %Definition Changes 386 273 70.7 %Label Changes 402 269 66.9 %Deprecated Items 295 188 63.7 %Data Type Changes — —

Subtotal 3,336 2,705 81.1 %Deleted elements 681

Total 4,017

Summary of Changes

2019

2016-13: Financial

Instruments - Credit Loss

2018-12: Long-duration Insurance

Leases (2016-02, 2018-11 and

technical improvement)

2018-07: Nonemployee Share-Based

Payment

Taxonomy Technical

Improvement/ Reference

Project Other

Reference changes 462 157 34.0 % 81 17.5 % 9 1.9 % 28 6.1 % 94 20.3 % 93 20.1 %

New Elements 831 364 43.8 % 287 34.5 % 5 0.6 % 7 0.8 % — — % 168 20.2 %

Taxonomy Implementation Notes 960 297 30.9 % 218 22.7 % 278 29.0 % 16 1.7 % — — % 151 15.7 %

Definition Changes 386 89 23.1 % 35 9.1 % 9 2.3 % 109 28.2 % 98 25.4 % 46 11.9 %

Label Changes 402 112 27.9 % 31 7.7 % 24 6.0 % 101 25.1 % 101 25.1 % 33 8.2 %

Deprecated Items 295 66 22.4 % 12 4.1 % 1 0.3 % 6 2.0 % 85 28.8 % 125 42.4 %

Data Type Changes — — — — — —

Subtotal 3,336 1,085 32.5 % 664 19.9 % 326 9.8 % 267 8.0 % 378 11.3 % 616 18.5 %

Deleted elements 681

Total 4,017

Summary of Changes

Accounting Standards Updates

No. of Elements

ASU New Depre. Def. TIN Ref. Label

2014-01

Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects — 1 — — — —

2014-04

Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure — 1 — — — —

2014-05 Service Concession Arrangements (Topic 853) — 1 — — — —

2014-09 Revenue from Contracts with Customers (Topic 606) 15 2 8 2 9 9

2014-11

Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures — 1 — — — —

2014-12

Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period — 1 — — — —

2014-13

Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity — 2 — — — —

2014-14

Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure — 1 — — — —

2014-16

Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity — 1 — — — —

2015-01

Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items — 46 — — — —

2015-03Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs — 1 — — — —

Summary of 2019 ASU Changes

No. of Elements


2015-04

Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets — 1 — — — —

2015-05

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement — 1 — — — —

2015-10 Technical Corrections and Improvements — 2 — — — —

2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory — 1 — — — —

2015-13

Derivatives and Hedging (Topic 815): Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets — 1 — — — —

2015-16Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments — 1 — — — —

2015-17Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes — — — 26 — —

2016-02 Leases (Topic 842) — — — 278 — —

2016-04

Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the FASB Emerging Issues Task Force) — — — 2 — —

2016-12Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients See ASU 2014-09

2016-13Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 364 66 89 297 157 112

2018-01Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 2 — — — — —

2018-02

Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 54 — 1 — 2 —

2018-03

Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities 2 — — — 13 —


No. of Elements


2018-04

Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update) 1 3 1 — 3 —

2018-07Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 7 6 109 16 28 101

2018-08

Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 1 — — — — —

2018-09 Codification Improvements 3 1 2 11 1

2018-11 Leases (Topic 842): Targeted Improvements 3 — — — 1 —

2018-12Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts 287 12 35 218 81 31

2018-13

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 31 35 20 — 26 11

2018-14

Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans 3 — 7 2 4 3

2018-15

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 11 — — — — —

2018-16

Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 4 — 1 — — 1

2018-17Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 1 — — — 4 —

2018-18Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 3 — — — 1 —

2018-20 Leases (Topic 842): Narrow-Scope Improvements for Lessors 2 — — — — —

Total changes from ASUs 794 188 273 841 340 269


Polling Question #2

Polling Question #2

True or False: There were more changes made in the 2019 US GAAP Taxonomy than the 2018 US GAAP Taxonomy.

a. Trueb. False

ASU 2016-13: Financial Instruments—Credit Losses (Topic 326): Measurement of Credit

Losses on Financial Instruments

Summary of Key Changes

•This accounting standard update is to replace the current incurred loss impairment methodology for recognizing credit losses

• Main provisions:◦ Financial assets will be measured at amortized cost to be presented at the net amount

expected to be collected◦ Available-for-sale debt securities credit losses will be recorded through an allowance

for credit losses

•When will these amendments be effective?◦ SEC filers: beginning after December 15, 2019◦ All other public entities: beginning after December 15, 2020◦ Early adoption permitted after December 15, 2018

Assets Measured at Amortized Cost• Current GAAP includes multiple credit impairment objectives for instruments within

the scope of this Update. • The previous objectives generally delayed recognition of the full amount of credit losses

until the loss was probable of occurring. • The amendments in this Update are an improvement because they eliminate the

probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses.

How do the Main Provisions Differ from Current GAAP?

How do the Main Provisions Differ from Current GAAP?

Available-for-Sale Debt Securities• The amendments in this Update require that credit losses be presented as an allowance

rather than as a write-down.• This approach is an improvement to current GAAP because an entity will be able to

record reversals of credit losses (in situations in which the estimate of credit losses declines) in current period net income, which in turn should align the income statement recognition of credit losses with the reporting period in which changes occur.

• Current GAAP prohibits reflecting those improvements in current period earnings.

• Modified-retrospective approach: ◦ An entity will apply the amendments in this update through a cumulative-effect

adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective.

• Prospective transition approach:◦ A prospective transition approach is required for debt securities for which an

other-than-temporary impairment had been recognized before the effective date.

Adoption Method

ASU 2016-13 Taxonomy Changes

2016-13: Financial Instruments - Credit Loss

Reference changes 157

New Elements 364

Taxonomy Implementation Notes 297

Definition Changes 89

Label Changes 112

Deprecated Items 66

Total 1,085

1,085 changes for 625 elements

Changes in the 2019 US GAAP Taxonomy

• 326000 - Disclosure- Credit Losses◦ New section in taxonomy◦ Contains new elements and existing elements/axes◦ Main additions include roll forwards for allowance credit loss, credit

quality indicator by year of obligation and aging analysis for past due◦ Existing elements contain reference updates

• 320000 - Disclosure - Receivables, Loans, Notes Receivables, and Other◦ Existing section contains reference updates under ASU 2016-13


• Deprecated Elements◦ 33 deprecated elements can be conveyed dimensionally

▪ Components of Loans and Leases receivables have been deprecated▪ Suggested replacement is general element with "Class of Financing Receivable

[Axis]"▪ Additional axis may be applicable

◦ 19 elements have no replacement▪ consists of string and abstracts that were removed due to low usage or

superseded guidance

• TINs◦ All 297 TINs are related to the 364 new elements and are new to the 2019

UGT◦ "Element is intended to be used upon adoption of amendments from

Accounting Standards Update 2016-13"

Changes in the 2019 US GAAP Taxonomy - Deprecations

Possible Element replacements:• Financing Receivable, before Allowance for Credit Loss • Net Investment in Lease• Sales-type Lease, Net Investment in Lease • Direct Financing Lease, Net Investment in Lease

*Please note additional axes/members may be necessary (for example Financing Receivable Portfolio Segment [Axis])

ASU 2016-13 Taxonomy Implementation Guide

• http://www.fasb.org/• "Financing Receivable and Current Expected Credit

Loss Disclosures"

Polling Question #3

Polling Question #3

Does your company have plans to early adopt ASU 2016-13 - Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments?

a. Yesb. Noc. N/A

ASU 2018-12: Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting

for Long-Duration Contracts


•The Board undertook this project with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity.

•The amendments in this update:◦ Improve the timeliness of recognizing changes in the liability for future policy

benefits and modify the rate used to discount future cash flows◦ Simplify and improve the accounting for certain market-based options or

guarantees associated with deposit (or account balance) contracts◦ Simplify the amortization of deferred acquisition costs◦ Improve the effectiveness of the required disclosures.


•Areas for improvement◦ Assumptions used to measure the liability for future policy benefits for traditional and

limited-payment contracts◦ Measurement of market risk benefits◦ Amortization of deferred acquisition costs◦ Disclosures

• When will the amendments be effective?◦ Public business entities: beginning after December 15, 2020◦ All other entities: beginning after December 15, 2021◦ Early application is permitted

•Measurement of the liability for future policyholder benefits and deferred acquisition costs are required to be applied on a modified retrospective basis, with the option to elect a retrospective application.

•Measurement of market risk benefits is required to be applied retrospectively.

Adoption Method


2018-12: Financial Services - Insurance (Topic 944) - Targeted Improvements to

the Accounting for Long-Duration Contracts


New Elements 287



Label Changes 31

Deprecated Items 12

Total 664

664 changes for 394 elements


• 944100 - Disclosure - Financial Services, Insurance, ASU 2018-12 Transition◦ New section in taxonomy◦ Contains new elements and existing elements/axes◦ Existing elements contain reference updates◦ Main additions include roll forwards for insurance liabilities (future

policy benefits, market risk benefits, separate accounts and policyholder account balances), guarantee minimum credit rating information and insurance contract acquisition costs

• Sections 940000, 942000, 944000, 946000 and other sections◦ Existing sections contains reference updates under ASU 2018-12


• TINs◦ All 218 TINs are related to the 287 new elements and are new to the

2019 UGT◦ "Element is intended to be used upon adoption of amendments from

Accounting Standards Update 2018-12"

ASU 2018-12 Taxonomy Implementation Guide

• http://www.fasb.org/• "Insurance - Long-Duration Contracts"

Polling Question #4

Polling Question #4

True or False: A new section in the taxonomy was created as a result of ASU 2018-12- Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.

a. Trueb. False

Polling Question #4

True or False: A new section in the taxonomy was created as a result of ASU 2018-12 - Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.

a. Trueb. False

Leases: ASU 2016-02: Leases (Topic 842), ASU 2018-11: Lease (Topic 842): Targeted

Improvements, and technical improvements

Summary of Key Changes - ASU 2018-11

•The Board decided to provide another transition method in addition to the existing transition method:◦ Allows entities to apply new lease standard and recognize a cumulative-effect

adjustment to the opening balance of retained earnings in the period of adoption with preparer's request

•The amendments in this update:◦ Address stakeholders’ concerns about the requirement for lessors to separate

components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component, similar to the expedient provided for lessees.

Adoption Method

ASU 2018-11

ASU 2016-02

Leases Taxonomy Changes

Leases: ASU 2016-02: Leases (Topic 842), ASU 2018-11: Lease (Topic 842): Targeted

Improvements, and technical improvements

Reference changes 9

New Elements 5



Label Changes 24

Deprecated Items 1

Total 326


•TINs:◦ Total of 596 TINs in the US GAAP taxonomy are related to leases

▪ 278 TINs are new to the 2019 UGT for Leases• "Element is intended to be used in periods before adoption of amendments from

Accounting Standards Update 2016-02. Upon effective date of amendments from Accounting Standards Update 2016-02, element will be transitional and intended to be used by entity that has not adopted amendments from Accounting Standards Update 2016-02."


•New elements◦ 3 new elements related to ASU 2018-11

▪ Member (Accounting Standards Update 2018-11 [Member]), Fixed List and Boolean

◦ 2 new elements related to lease technical corrections

Element Label Data Type

LeasePracticalExpedientLessorSingleLeaseComponentLease, Practical Expedient, Lessor Single Lease Component [true false] booleanItemType

LessorCombinedComponentTopicFixedList Lessor, Combined Component, Topic [Fixed List] combinedComponentType

AccountingStandardsUpdate201811Member Accounting Standards Update 2018-11 [Member] domainItemType

LeaseIncomeAbstract Lease Income [Abstract] stringItemType

ASU201602TransitionAbstract ASU 2016-02 Transition [Abstract] stringItemType

Lease Examples

Leases Example 1 - Disclosure

The 2018 US GAAP and 2019 US GAAP taxonomies do not contain an encompassing Level 1 text block for lease disclosures.

The taxonomies include multiple Level 1 text blocks that contain ASC 842 references and used in combination will satisfy disclosure requirements.

March 31, 2019 December 31, 2018Operating

LeasesFinance Leases

Operating Leases

Capital Leases

2019 $ — $ — $ 554 $ 992020 420 380 402 872021 330 889 230 842022 234 99 130 772023 150 55 121 72Thereafter 630 7,989 550 1,021Total undiscounted lease payments 1,764 9,412 1,987 1,440Less amount associated with discounting 2 3 1Total lease liabilities 1,762 9,409 1,439


Leases


• EFM 6.8.23 is an existing rule that provides guidance that when you combine disclosures of multiple distinct disclosures that are not covered by a single text block element, then a filer should extend for the combination of those standard elements.◦ This rule is what has driven the need for extensions of Level 1 elements in

combined disclosures. • For leases, all of the disclosure guidance falls under ASC 842, unlike the combination of

disclosures from different accounting standards. • Our best practice is to tag the ASC 842 disclosures outside of the EFM rule.• Better facilitates data consumption.


*Please note if your disclosure includes both 842 and 840 information it would NOT be appropriate to use the 840 Level 1 text blocks since information is for comparative purposes.



Operating Leases

Capital Leases


Leases Example 2 - Maturity under ASC 842-10-65-1(c)(2)Period of Adoption Prior to Adoption



Operating Leases

Capital Leases


Leases Example 2 - Maturity under ASC 842-10-65-1(c)(2)ASC 842 Prior to Adoption



Operating Leases

Capital Leases


Leases Example 2 - Maturity under ASC 842-10-65-1(c)(2)ASC 840

Leases Example 3 - Lease Terms for Lessee - Operating and Financing Leases

The Company has lease agreements with lease and non-lease components, which the Company has elected to account for as a single lease component. Additionally, the Company has elected to not record short-term leases, those with expected terms of twelve months or less, on the Condensed Consolidated Balance Sheets. Certain lease agreements include fixed escalations, while others include rental payments adjusted periodically for inflation. There are no material residual value guarantees or material restrictive covenants. The Company's leases, excluding short-term leases, have remaining terms of less than one year to 33 years, some of which include options to extend for up to 10 years, and some of which include options to terminate within one year.


What element should we utilize?



"Lessee, Remaining Lease Term" extension is needed


What element should we utilize?



"Lessee, Renewal Term" extension is needed to capture disclosure of combined Operating and Financing Leases

Leases Example 4 - Lessee Supplemental Balance Sheet

Leases Example 4 - Lessee Supplemental Balance Sheet

Ex1

Ex2

L1

Ex1 - Finance Lease, Right-Of-Use Asset, GrossEx2 - Finance Lease, Right-Of-Use Asset, Accumulated DepreciationL1 - Finance Lease, Right-of-Use Asset

Leases Example 5 - Lessor

Leases Example 5 - Lessor

L3L4

A1:M1

L3 - Property, Plant and Equipment, NetL4 - Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment

A1 - Property, Plant and Equipment, Type [Axis]M1 - Assets Leased to Others [Member]

Polling Question #5

Polling Question #5

Are you familiar with the Taxonomy Implementation Guides found on FASB's website?

a. Yesb. No

ASU 2018-07: Compensation - Stock Compensation (Topic

718): Improvements to Nonemployee Share-Based Payment Accounting


• What are the main provisions?◦ The amendments in this Update expand the scope of Topic 718 to include

sharebased payment transactions for acquiring goods and services from nonemployees.

◦ The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards.

•When will these amendments be effective?◦ Public entities: fiscal years beginning after December 15, 2018◦ All other entities: fiscal years beginning after December 15, 2019 and interim

periods within fiscal years beginning after December 15, 2020◦ Early adoption is permitted

•Modified retrospective:◦ An entity should only remeasure liability-classified awards that have

not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption.

Adoption Method


ASU 2018-07: Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment

AccountingReference changes 28

New Elements 7



Label Changes 101

Deprecated Items 6

Total 267



•710000 - Disclosure - Compensation Related Costs, Share Based Payments◦ Contains new "ASU 2018-07

Transition [Abstract]" subsection• Revised definitions and labels of line

item elements to remove employee/nonemployee and compensation cost terminology

•New "Grantee Status [Axis]"◦ Contains two new members

▪ Share-based Payment Arrangement, Employee [Member]

▪ Share-based Payment Arrangement, Nonemployee [Member]


•TINs◦ All 2018-07 TINs are new to the 2019 UGT◦ "Element is intended to be used in periods before adoption of amendments

from Accounting Standards Update 2018-07. Upon effective date of amendments from Accounting Standards Update 2018-07, element will be transitional and intended to be used by entity that has not adopted amendments from Accounting Standards Update 2018-07"

Taxonomy Technical Improvement/ Reference Project

Taxonomy Technical ImprovementReference Project

Taxonomy Changes

Taxonomy Technical Improvement/ Reference Project


New Elements 0



Label Changes 101

Deprecated Items 85

Total 378



•Reference changes◦ 31 of the 94 reference changes are related to 2019 SRT

Taxonomy• Deprecated Items◦ "Predecessor [Member]" and "Successor [Member]" have

been deprecated▪ Can be conveyed with "Financial Designation,

Predecessor and Successor [Fixed List]"▪ Element would contain "Predecessor" or "Successor" as

the fact values with the date context matching the predecessor period or successor period, respectively

Other Changes

Other Taxonomy Changes

Other ChangesReference changes 93

New Elements 168



Label Changes 33

Deprecated Items 125

Total 616


•Reference Changes◦ 26 updates related to ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework

—Changes to the Disclosure Requirements for Fair Value Measurement

•New Elements◦ 54 new elements related to ASU 2018-02- Income Statement—Reporting Comprehensive Income

(Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income◦ 31 new elements related to ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure

Framework—Changes to the Disclosure Requirements for Fair Value Measurement◦ 11 new elements related to ASU 2018-15 - Intangibles—Goodwill and Other—Internal-Use

Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)

•Deprecated Elements◦ 46 elements deprecated related to ASU 2015-01 Extraordinary Items◦ 35 elements deprecated related to ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure

Framework—Changes to the Disclosure Requirements for Fair Value Measurement



•Six new elements modeled after ones from the Invest taxonomy◦ InvestmentTableTextBlock◦ InvestmentTextBlock ◦ InvestmentMaturityDate1◦ DerivativeNonmonetaryNotionalAmount ◦ DerivativeNotionalAmount◦ InvestmentInterestRate

*The Invest taxonomy, managed by the SEC, is anticipated to be discontinued some time in the future. These elements were added to 2019 UGT in preparation for future change.

2019 SRT Taxonomy

Summary of Changes

No. of Elements2019

Reference changes 0New elements 101Taxonomy Implementation Notes 0Definition changes 2Label changes 2Deprecated items 0Clarification and Balance Type Change 0

Total 105

•99 elements have been moved from the US GAAP Taxonomy

•Range [Axis] is now labeled Statistical Measurement [Axis]

•Two new elements found under Statistical Measurement [Axis]◦ Arithmetic Average [Member]◦ Median [Member]

Changes in the 2019 SRT Taxonomy

Polling Question #6

Polling Question #6

When do you plan to migrate?

a. As soon as possibleb. The next quarterc. Year end

Polling Question #7

Polling Question #7

Would you like to attend an XBRL Classroom training?

a. Yesb. No

2019 XBRL Classroom Training Opportunities

Q2 2019June 11- 13 Vienna, VA

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