New equity investments XBRL conceptsAnswered
Have you migrated to the 2018 taxonomy? Assuming you have and the amounts are on the same row of your chart, I would suggest using standard tags for 2018 activity and extended tags for 2017 and prior activity. You can have different tags in the same row. Think of Net Deferred Tax Assets (Liabilities). This row can go either way but the tag for each period must reflect the appropriate asset (liability) position.0
Yes - we have migrated to 2018. We are now not disclosing the equity securities in current year for the disclosures I am referring to, but we are still disclosing prior period as it was. Please see screenshot attached. So I will need to extend all the concepts in this row below to exclude "debt securities" from the concept, correct? That will result in a lot of extensions in this footnote. Thanks for your help!0
Great conversation, Michelle and Phil!
I wanted to add a few items to consider. When applying ASU 2016-01 on a cumulative-effect adjustment for fair value and on a prospective basis for equity securities without readily determinable fair value, transitional elements in the 2018 US GAAP Taxonomy are permitted to be used for disclosures prior to this adoption. Those elements typically are what had been previously applied to disclosures. FASB moved many of the available-for-sale and held-to-maturity elements to a transitional section. We can apply these transitional elements such as “Available-for-sale Securities, Amortized Cost Basis” and “Available-for-sale Securities, Gross Unrealized Gain” to prior period values. Note that 2018 disclosures (post 2016-01 adoption) and 2017 disclosures (prior 2016-01 adoption) will utilize different elements due to this accounting standard update.
As always, let me know if you have questions or need anything else. Thanks and happy Tuesday!0
Thanks Mike! So does that mean in the Balance Sheet where we disclose AFS securities - 12/31/17 will use the AFS securities concept while 6/30/18 will use the new Debt securities, AFS concept?
Thanks for your help!0
Sorry for the delay in getting back with you. Let me take stab at it.
Appropriate element usage may depend on the inclusion of equity securities on the Balance Sheet. For example, if prior year numbers for available-for-sale securities include equity securities in the balance, transitional element “Available-for-sale Securities” can be utilized. If however, prior year numbers are only debt securities, “Debt Securities, Available-for-sale” element may be appropriate for both periods.
Overall, the important question to ask yourself is “what is making up this balance?” If your answer is debt securities, you will utilize debt specific elements. If your answer is both debt and equity securities, the combination element may be more appropriate.
Hope that is of some help. Let me know if you need any further clarification or have any other questions for me. Thanks again and have a super weekend. Cheers!0
Thank you! That does help! So just to clarify - the concepts in the PY table for all securities (even debt) would use the "old" transitional concepts, correct? I originally went in and only updated the one line of equity securities to use the transitional concept, but when I went to update the B/S to transitional for PY - it popped out that the table in the footnote didn't tie.0
It's hard to give a definitive "yes" or "no" answer here without seeing your tagging information more closely.
Generally speaking, similar to the balance sheet approach, element selection in the notes depends on the inclusion of equity securities. If a disclosure includes equity securities in the balance, a transitional element could be applicable. We recommend assessing your disclosures, reviewing the elements’ documentation and references and considering the application of an accounting standard. Transitional element usage depends on accounting standards update adoption methodology.
I might suggest reaching out to your PSM as they would have access to view your particular tagging scenario. Sorry I couldn't be of more help there. Do let me know though if you have any additional questions for me.
Thanks as always and have a super day!0
Please sign in to leave a comment.