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

申请演示

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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  • Sara Johnson

    Hi Mike,

    I'm looking for any information on how to tag the new ASU 2022-02: TDRs > MTBs SEC disclosures. I haven't come across anything in the taxonomy analyzer. By chance, is there a new 2023 taxonomy coming out before Q1 that would include these new disclosure tags? Thank you in advance.

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  • Mike

    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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  • Mike

    Hi Sara,

    Thanks for the note. I pinged our experts on this one and you are correct, the taxonomy elements related to ASU No 2022-02 are included in the US GAAP 2023 Taxonomy and though this was pushed out to EDGAR already, it won't be available in Workiva until mid-April. Keep your eyes peeled to Release Notes and Workiva Updates for that announcement.

    Let me know if you have any follow-ups for me or need anything else. Cheers!

     
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  • Margaret Warren

    Thanks Mike! Curious if the 2023 taxonomy release will also come with related help videos fired up and ready to go on release date? I'm a little disappointed that there is such a long delay from the EDGAR relase. Mid-April will be in the middle of production for anyone looking to use those tags and if it spits out a ton of errors close to filing this will be a huge headache for filers. 

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  • Mike

    Hi Margaret!

    Let me check on that. In prior years we've had some blogs on the new releases as well as a webinar. The blog should hit very close to when it is supported in Workiva and there would be a link to register for the webinar there. We'd also post that info in Trainings & Webinars.

    And I hear ya on the delay. Its a challenge as we need to wait for EDGAR to release so we can verify for sure what's in there, but we're going as fast as we can. I'll see if I can't put a little pep in their step.

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  • Mike

    Margaret Warren great news! As mentioned here, the 2023 taxonomy is now available for use in the Workiva platform.

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