Perspectives on Structured Data and U.S. Securities and

Perspectives on Structured Data and U.S. Securities and Exchange Commission (SEC) and Staff U.S. GAAP Taxonomy Updates

April 3, 2014

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Housekeeping Items

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Housekeeping Items: CPE & Evaluation

Housekeeping Items: Archived Webcasts

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online at www.fasb.org for 90 days (CPE credit

will not be available to those who watch the

archived program).

Hal Schroeder

Financial Accounting Standards Board

Board Member

Donna Johaneman

Financial Accounting Standards Board

Project Manager XBRL

David Shaw

Financial Accounting Standards Board

Assistant Project Manager XBRL

Meredith Cheng

Financial Accounting Standards Board

Project Resource Associate XBRL

Today’s Panelists

J. Louis Matherne

Financial Accounting Standards Board

Chief of Taxonomy Development

Kimberly Earle

U.S. Securities and Exchange Commission

Office of Interactive Data

Vickie Lusniak

Financial Accounting Standards Board

Assistant Project Manager XBRL

Melissa Nicholson

Financial Accounting Standards Board

Project Resource Associate XBRL

SEC update

2014 U.S. GAAP Financial Reporting Taxonomy

(UGT) highlights

FASB XBRL Implementation Guides

Plans for 2015 UGT and beyond

Structured data discussion

Example of structured data use

Today’s Program

Have you read the release notes for the 2014

release of the U.S. GAAP Financial Reporting

Taxonomy (UGT)?

a) Yes

b) No

c) Not yet, but plan to

Question 1

SEC Update

The Securities and Exchange Commission, as a

matter of policy, disclaims responsibility for any

private publication or statement by any of its

employees. The views expressed herein are

those of the author and do not necessarily

represent the views of the Commission or of the

author’s colleagues upon the staff of the

Commission.

Disclaimer

SEC Update

The views expressed in this presentation are

of the presenters. Official positions of the

FASB are reached only after extensive due

process & deliberations.

Disclaimer

2014 U.S. GAAP Financial Reporting

Taxonomy (UGT) Highlights

Update for accounting standards

Revised calculation hierarchy

Other changes

2014 UGT—Highlights

2014 UGT—Change Comparison

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012 2013 2014

UGT Change Comparison

New Elements Deprecated Elements Definition Changes *

*Includes definition changes to approximately 500 elements for maturity schedules. See section titled "Maturity Schedules" in the Release Notes for further details.

2014 UGT—New Accounting Standards Updates (ASUs)

ASU Impact

Comprehensive Income (Topic 220):

Reporting of Amounts Reclassified Out of

Accumulated Other Comprehensive

Income (2013-02)

In 2013 UGT.

Liabilities (Topic 405): Obligations

Resulting from Joint and Several Liability

Arrangements for Which the Total Amount

of the Obligation Is Fixed at the Reporting

Date (2013-04)

13 new elements; 2 modified

documentation labels.

Presentation of Financial Statements

(Topic 205): Liquidation Basis of

Accounting (2013-07)

13 new elements; 4 modified

documentation labels.

Derivatives and Hedging (Topic 815):

Inclusion of the Fed Funds Effective Swap

Rate (or Overnight Index Swap Rate) as a

Benchmark Interest Rate for Hedge

Accounting Purposes (2013-10)

1 new member; 1 modified

documentation label.

Income Taxes (Topic 740): Presentation of

an Unrecognized Tax Benefit When a Net

Operating Loss Carryforward, a Similar

Tax Loss, or a Tax Credit Carryforward

Exists (2013-11)

1 deprecation.

Have you reviewed materials provided on or through

the ASU Taxonomy Change page on the website?

a) Yes

b) No

c) Not yet, but plan to

Question 2

FASB XBRL ASU Taxonomy Change Page

Effects of revision:

Included new elements

– Example – discontinued operations

Deprecated certain elements and replaced with more precise

elements

– Example – cash flow elements for sale-leaseback

Rationalized the number of calculations to be more succinct

Rationalized the number of relationship groups containing the

calculations

Revised Calculation Hierarchy

Changes made to discontinued operations:

Revised Calculation Hierarchy

Separate elements for distinct concepts as follows:

Revised Calculation Hierarchy

Other Changes

New elements for offsetting assets and

liabilities

New line item elements for accumulated

unrealized gain (loss) disclosures for

securities – Allows for calculation of line items from fair value to

amortized cost

Other Changes—AFS Example

Other Changes

Maturity schedule definitions

Creation of Tax Period [Axis]

Industry-specific changes

- Insurance

- Federal Home Loan Bank

- Airline

- Oil & Gas

Other Changes—Maturity Schedule Example

Fiscal maturity schedule The following is an example of a fiscal year filing:

The following is the interim disclosure:

Other Changes—Maturity Schedule Example

Rolling maturity schedule

The following is the interim disclosure:

The following is an example of ―rolling‖ year

disclosure for fiscal-year end:

Other Changes

References reviewed and updated

Removal of industry entry points

Removal of 2011 UGT deprecated

elements

If the maturity schedules are rolled from reporting

period to reporting period, which set of elements

should be used for an annual filing?

a) Fiscal year

b) Rolling maturity

c) Both

d) Not applicable

Question 3

XBRL Implementation Guides

Final

- Subsequent Events*

- Liquidation Basis of Accounting

- Segments*

- Insurance: Reinsurance*

- Insurance: Concentration of Credit Risk*

*Updated to 2014 UGT release

XBRL Implementation Guides

Exposed – 2015 Release

- Disposal Groups and Discontinued Operations*

Exposed – 2014 Release

- Notional

- Other Comprehensive Income*

Expected

- Offsetting Assets and Liabilities*

- Stockholders’ Equity

- Other ASUs

- Other targeted topic areas

*ASU related

XBRL Implementation Guides

Implementation Guides (IGs) will be exposed for comment

on the FASB website www.fasb.org.

Comments should be submitted in one of three ways:

- Email to xbrlguide@fasb.org

- Written comments to Chief of Taxonomy Development

- Complete an electronic feedback form to respond to the questions

contained in the proposed XBRL Implementation Guide or proposed

Style Guide

Comments will be considered and a final XBRL IG will be

issued after consideration of comments.

XBRL Implementation Guides Process

XBRL Implementation Guides

XBRL Implementation Guides

Format of example:

- Sample disclosure

- UGT Elements used — label and element name

- Structure underlying the instance document

- Notes

Have you used the XBRL Implementation Guides

available on the FASB website?

a) Yes

b) No

c) Not yet, but plan to

d) Not applicable

Question 4

XBRL Implementation Guide—Shareholders’ Equity

Internally

Identified Areas

Public

Comments

New Taxonomy

Changes

XBRL Implementation Guide—Shareholders’ Equity Overview

XBRL Implementation Guide—Shareholders’ Equity

Example Illustration

Element Selection of Equity Attributable to Parent and Noncontrolling Interest

XBRL Implementation Guide—Shareholders’ Equity

Example Illustration

Element Selection of Equity Attributable to Parent and Noncontrolling Interest

(Continued)

―Stockholders' Equity, Including Portion Attributable to

Noncontrolling Interest‖ is used when an entity reports

noncontrolling interest as part of aggregated

shareholder’s equity.

―Stockholders' Equity Attributable to Parent‖ is used on

the reported fact value that represents the part of the

shareholder’s equity attributable to the parent. This

element also is used when Noncontrolling Interest is not

reported.

XBRL Implementation Guide—Shareholders’ Equity

Example Illustration

Element Selection of Limited Liability Company (LLC) Members' Equity

XBRL Implementation Guide—Shareholders’ Equity Example Illustration Element Selection of Limited Liability Company (LLC) Members' Equity (Continued) Portion of UGT elements provided specifically for the modeling of the

LLC entity for unit-related disclosures:

- Common Unit, Authorized

- Common Unit, Issuance Value

- Member Units [Member]

- Members' Equity

- Members' Equity Attributable to Noncontrolling Interest

- Limited Liability Company (LLC) Members' Equity, Including Portion

Attributable to Noncontrolling Interest

- Limited Liability Company (LLC) Members' Equity, Unit-based

Compensation

Additional elements for LLC equity disclosures are located under

―Limited Liability Company (LLC) Members' Equity [Abstract]‖ and

―Distribution Made to Limited Liability Company (LLC) Member [Line

Items]‖.

If the reported fact value represents only the

Shareholder’s Equity attributable to the parent, which UGT

element should be chosen to tag the reported value?

a) Stockholders' Equity, Including Portion Attributable

to Noncontrolling Interest

b) Stockholders' Equity Attributable to Parent

c) Stockholders' Equity Attributable to Noncontrolling

Interest

d) None of the above

Question 5

Example 1

XBRL Implementation Guide—Offsetting of Assets and Liabilities

Example 2

XBRL Implementation Guide—Offsetting of Assets and Liabilities

Example 3

XBRL Implementation Guide—Offsetting of Assets and Liabilities

Example 4

XBRL Implementation Guide—Offsetting of Assets and Liabilities

FAQs—UGT

FAQs—UGT

FAQs—UGT Sections

FAQs—UGT Sections

FAQs—UGT Sections

FAQs—UGT Highlighted Questions

If the element name does not match the standard label,

should that be corrected in the UGT?

a) Yes

b) No

Question 6

Plans for 2015 UGT and Beyond

2014 Goals (2015 Update)

Improve Data Quality

Drive Structured Data Mindset Into the

Standard-Setting Process

Improve Data Quality

Shift focus and resources to targeted topics

- Comprehensive and consistent topic review

- Engage constituents throughout process

- Targeted changes will be easier to implement

- Nontopic changes for errors and ―technical corrections‖

Improve Data Quality

Potential target areas for 2015 Update - Pensions

- Fair Value

- Share-Based Compensation

Deliverables will include - XBRL Implementation Guide

- Taxonomy changes

Improve Data Quality Build Consensus on Key Issues

Continue developing UGT decision framework

Establish XBRL ―Simplification‖ initiative

Identify versioning requirements

Drive Structured Data Mindset Into Standard-Setting Process

New Accounting Standards Updates

(Anticipated For 2015 Update)

- Reporting Discontinued Operations

- Consolidation

- Financial Instruments

- Development Stage Entity

- Goodwill

- Technical Corrections & Improvements

- Various EITF Issues

Drive Structured Data Mindset Into Standard-Setting Process

New Accounting Standards Updates

(2016 or Later Update – assumes no early

adoption provision)

- Revenue Recognition

- Leases

- Insurance Contracts

Drive Structured Data Mindset Into Standard-Setting Process

New to Board Agenda - Accounting for Financial Instruments—Hedging

- Accounting for Financial Instruments: Interest Rate

Disclosures

- Accounting for Tax Credits

- Conceptual Framework

- Financial Statement Presentation

- Liabilities & Equity—Short-term Improvements

- Pensions—Cash Balance Plans

- Simplification Initiative

Which of the topic areas that we have identified for

possible focus in the 2015 release would you select as a

priority?

a) Pensions

b) Share-based compensation

c) Fair value disclosures

d) Other topic not listed

e) Not applicable

Question 7

Board Perspective on Structured

Data

R. Harold Schroeder Remarks

http://www.fasb.org

Which of the following would be a form of structured data?

a) Baseball Statistics

b) Telephone Directory

c) XBRL Exhibits

d) Form 1040

e) All of the above

Question 8

Structured Data Usage—Example

Example—Background

Internal Professional Development Session

Investor Case Study

2 XBRL ―models‖: - Industry analysis

- Company-specific analysis

Tool: Add-in for Microsoft Excel

Industry Analysis—Engines & Turbines

Industry Analysis—XBRL Inputs

Industry Analysis—Company Selection

Company-Specific Analysis

Tools—Where to find?

? Contact information:

SEC: Ask-OID@sec.gov

FASB: xbrl@fasb.org

Questions and Answers