How the Changes to the 2014 Taxonomy Affect You
The time for comments to the 2014 Taxonomy is almost over. Do you know what the proposed changes are and how they will impact your filing?
Accounting standards update changes include liabilities (Topic 405), liquidation basis financial statements (2013–07), derivatives and hedging (2013–10), and income taxes (2013–11).
Revised calculation hierarchy removes inconsistent and redundant calculations in the 2013 Taxonomy. This replaces the presentation-centric model with a data-centric model for a more simplified and stable structure.
Industry entry points, which provided limited value to filers or users, have been removed. One main entry point provides access to all available elements.
Industry specific changes for the insurance industry have been made to eliminate or modify many redundancies in elements.
Other items include 48 new elements added to the taxonomy for balance sheet offsetting disclosures and 23 new elements added for accumulated unrealized gain (loss) disclosures for securities.
Click here to leave your comments on the 2014 Taxonomy until Oct. 31. This is your chance to share your thoughts with the SEC. What are you waiting for?
About the Author
Mike Starr is Vice President of Governmental and Regulatory Affairs. He previously served as the SEC Chief Accountant’s advisor with a focus on investors’ financial information needs and the role of structured data in meeting those needs. Prior to his work with the SEC, Mike served as Chief Operating Officer for Grant Thornton International Ltd., where he oversaw global strategy and public policy. He earned a Bachelor of Science in accounting from Oklahoma State University (OSU), and in 2010 was recognized as an OSU distinguished accounting alumnus and inducted into the School of Accounting Hall of Fame.