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How to Tag Cumulative Effect (Adoption of ASU) 2020 Taxonomy

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Hello Mike and Workiva Community,

Please refer to the slides below from the 2020 US GAAP Taxonomy Update webinar.  According to the example, does this mean that the only way to correctly tag the cumulative effect for the adoption of an ASU during the period is to have the structure of the statement of stockholder's equity include the three lines: 1) opening balance, 2) cumulative effect of adopting ASU, 3) adjusted opening balance?  In other words, is there any way to tag the cumulative effect without having the "adjusted opening balance" line?

Thank you,

Jeff

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  • Mike Davis

    Hi Jeff,

    Thanks for reaching out and great question!

    The example in this slide is one of the various scenarios of the type of presentation that could appear on the statement of stockholder’s equity.  We recommend focusing on the modeling selection provided and applying what is applicable to your specific disclosure. 

    For example, as you mentioned, if only the “cumulative effect of adopting ASU” line item is presented, we would apply the same element used on the opening balance with the “Cumulative Effect, Period of Adoption [Axis]” and the “Cumulative Effect, Period of Adoption, Adjustment [Member].” Additionally, based on if there is more than one ASU presented (that has been adopted with a cumulative effect adjustment), the  “Accounting Standards Update [Extensible List]” (only one ASU) or “Accounting Standards Update [Axis]” (multiple ASUs) would be utilized.

    Hope this helps! Give us a holler if you do have any questions. Happy tagging!

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