IN FOCUS: 2023 GAAP and SEC Reporting Taxonomy Improvements and SEC Update
Date: Tuesday, April 11, 2023
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 2023 GAAP Financial Reporting Taxonomy (Taxonomy) and the 2023 SEC Reporting Taxonomy (SRT) collectively referred to as the “2023 Taxonomy Releases.” A fireside chat will be included featuring Wes Bricker, Vice Chair—US/Mexico Trust Solutions Co-Leader at PwC, former U.S. Securities and Exchange Commission’s Chief Accountant, and current Chair of the XBRL International Board of Directors, and Richard R. Jones, Chair of the FASB. With Wes’s wide-ranging background, he will provide his vision for digital reporting across multiple domains and how it creates value, reduces risk, and increases the reliability of decision useful information. Members of the SEC’s Office of Structured Disclosure team also will provide an update on the SEC taxonomies and discuss their observations on data quality.
Learning Objectives: Through this session, participants will gain a better understanding of how improvements in the 2023 Taxonomy Release, which include those related to recently implemented ASUs, will affect registrant XBRL filings.
The agenda will include:
- A fireside chat with Wes Bricker of PwC during which he will share his vision for digital reporting across multiple domains and the need to invest in the next generation of talent.
- An update from the SEC Office of Structured Disclosure staff on SEC taxonomies and observations on data quality.
- Additional validation rules included in the 2023 DQC Rules Taxonomy.
- Proposed meta model relationships.
- Overview of the 2023 Taxonomy Releases, including discussion of:
- Implementation resources—New frequently asked questions (FAQ) related to plant, property, and equipment useful lives stated as lease terms and related parties.
- Policy Election Element Relationships
- Improvements from amendments to the FASB Accounting Standards Codification.
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 Suggested: Participants are encouraged to review the 2023 GAAP Financial Reporting Taxonomy (available at https://www.fasb.org). They also are encouraged to review the supporting materials listed on the FASB 2023 GAAP Financial Reporting Taxonomy page at https://www.fasb.org.
Recommended CPE: 1.8 hours; Specialized Knowledge and Applications; final CPE earned will be determined on the basis of 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 the polling and duration requirements as per the National Association of State Boards of Accountancy (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.
Official National Registry of CPE Sponsors' Statement
The Financial Accounting Foundation/FASB/GASB is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/cpas/complaints.
NASBA National Registry of CPE Sponsors—Sponsor License Number 107522
Texas Sponsor Number 000016