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Should "Parent Comany [Member]" still be used under the "Legal Entity [Axis]"?

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We have now migrated to the 2017 taxonomy. With the revision of the use of the Legal Entity Axis in the 2017 taxonomy, I understand that FASB intends that the members specifically named legal entities and not any standard element in the taxonomy. How will this affect the tagging on numbers that are specifically parent company related? For example: on Parent Company financial statements in Schedule 1 of the 10K.  Should the "Parent Company [Member]" still be used under the "Legal Entity [Axis]"?

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  • Chrystal Mabou
    I'm confused. I am seeing conflicting guidance. The Edgar Filing Manual 6.6.7 states that facts that apply only to the parent company must have the Legal Entity [Axis] and Parent Company [Member].
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  • Mike
    Hi Chrystal!

    In this particular instance, the EFM has NOT kept up with the change in the taxonomy, so I understand your confusion. If you look at the FASB implementation notes for Disclosures of Consolidated and Non-Consolidated Entities, they do provide some background and explanation of the Legal Entity axis. Here’s a link to the implementation guide. See page 4 for reference.

    http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&...

    Lastly, if you want further clarification, you most certainly can contact the SEC’s Office of Structured Disclosure. Here is their contact information:

    https://www.sec.gov/structureddata/contactus.html

    If you have any other questions for me, let me know and I’ll be happy to help however I can. Thanks as always and have a great day!

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