FASB Webcast and Webinar Series

IN FOCUS: 2021 GAAP and SEC Reporting Taxonomy Improvements and SEC Update

Date: Tuesday, April 6, 2021

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 2021 GAAP Financial Reporting Taxonomy (Taxonomy) for recently issued FASB Accounting Standards Updates (ASUs) and to the 2021 SEC Reporting Taxonomy (SRT) based on feedback and internal analysis (collectively referred to as the 2021 Taxonomy Releases). In addition, Todd Castagno of Morgan Stanley will discuss XBRL data in use and members of 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 2021 Taxonomy Release, which include those related to recently implemented ASUs, will affect registrant XBRL filings.

The agenda will include:
  • Discussion of XBRL data in use.
  • An update from the SEC staff.
  • Overview of the 2021 Taxonomy, including discussion of:
    • The application of the Taxonomy for final SEC rules for Guarantors and Issuers of Guaranteed Securities and Statistical Disclosures for Banks
    • Improvement in modeling in the areas of:
      • Asset Acquisitions
      • Reorganizations.
  • Updates to Taxonomy Implementation Guides, including Accounting Changes, Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities, Financial Instruments—Debt Securities, and Financing Receivable and Current Expected Credit Loss Disclosures
  • Additional validation rules included in the 2021 XBRL US DQC Rules Taxonomy.
Speakers: Louis Matherne, FASB Chief of Taxonomy Development, and other FASB Taxonomy staff; Todd Castagno, Head of Global Valuation, Accounting & Tax-Research Division, Morgan Stanley; Julie Marlowe, Assistant Director, Office of Structured Disclosure, U.S. Securities and Exchange Commission; and Mike Willis, Associate Director, Office of Data Science and Innovation, U.S. Securities and Exchange Commission.

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 2021 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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