Pacific Rim Conference July 28, 2009. Pacific Rim Conference US-GAAP – US GAAP 2009 Taxonomies – Codification – Extension Taxonomy for 2010 Corporate.

Pacific Rim ConferenceJuly 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

FSP FAS 107-1 & APB 28-1 FSP FAS 115-2

& 124-2 FSP FAS 132(R)-1 FSP FAS 140-4

& FIN 46(R)-8 FSP FAS 141(R)-1 FSP FAS 157-4

FAS 165

0

183

6 48

16

7

1

893

18

275

69 90

17

US GAAP 2009 Extension Taxonomy

No. of (New) Elements Action Steps (creating elements, modifying existing elements)

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