FASB Webcast and Webinar Series

IN FOCUS: 2020 GAAP and SEC Reporting Taxonomy Improvements and SEC Update

Date: Thursday, April 2, 2020

Time: 1:00–2:30 p.m. Eastern Daylight Time

Program Description: The Financial Accounting Standards Board (FASB) is pleased to announce an upcoming webcast that will discuss improvements to the 2020 GAAP Financial Reporting Taxonomy for recently issued FASB Accounting Standards Updates (ASUs) and to the 2020 SEC Reporting Taxonomy based on feedback and internal analysis (collectively referred to as the 2020 Taxonomy Releases). In addition, the U.S. Securities and Exchange Commission (SEC) staff will provide an update.

Learning Objectives: Through this session, participants will gain a better understanding of how improvements in the 2020 Taxonomy Releases, which include those related to recently implemented ASUs, will affect registrant XBRL filings. They also will learn about additional implementation guidance that has been created to address post-implementation issues in the areas of leases and revenue.

The agenda will include:
  • An update from the SEC staff.
  • Discussion of the application of the Taxonomy for ASUs that are effective this year, in particular, Credit Losses.
  • Improvement in modeling in the areas of:
    • How to tag accounting changes
    • Variable Interest Entities and Equity Method Investments
    • Retirement Benefits—Phase 3
    • Categorization of references to improve element selection.
  • Post-Implementation changes to Taxonomy Implementation Guides, including Leases under Topic 842 and Revenue from Contracts with Customers under Topic 606.
  • Introduction to the new 2020 XBRL US DQC Rules Taxonomy.
  • Discussion of XBRL data in use.
Speakers: Louis Matherne, FASB Chief of Taxonomy Development, and other FASB Taxonomy staff; Sandy Peters, Senior Head, Global Financial Reporting Policy Group, CFA Institute; Mike Willis, Assistant Director, Office of Structured Disclosure, U.S. SEC; and Julie Marlowe, Senior Staff Accountant, Office of Structured Disclosure, U.S. SEC.

Participants will have the opportunity to email questions to the panelists before and during the event.

Delivery Method: Group-internet based

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: Participants are encouraged to review the 2020 GAAP Financial Reporting Taxonomy (available at http://www.fasb.org). They also are encouraged to review the supporting materials listed on the FASB Taxonomy page at www.fasb.org.

Recommended CPE and Field of Study: 1.8 hours; Specialized Knowledge and Applications; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org.

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