The Financial Accounting Standards Board has added three new implementation guides to its series on using Extensible Business Reporting Language, or XBRL, interactive data tags in financial statements.
The guides are designed to help users of the U.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured, and two of them are specifically written for the insurance industry.
U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Insurance Industry:
Concentration of Credit Risk Disclosures demonstrates modeling for disclosures of ceded credit risk with a single credit rating, multiple credit ratings, and those shown in more than one table.
U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Insurance Industry: Reinsurance-Related Disclosures provides XBRL users with a model for disclosing risk management objectives and retention policies, effects of reinsurance, and the supplemental schedule of reinsurance, which is required by SEC Regulation S-X, 210.12-17. This implementation guide does not cover concentrations of credit risk resulting from reinsurance arrangements.
U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Segment Reporting demonstrates the modeling for disclosures related to segment reporting.
The examples in each of the implementation guides are not intended to comprise all of the potential modeling configurations or to dictate the appearance and structure of a company’s XBRL documents, but to provide examples of common disclosure presentations in each of the specified areas.
The U.S. GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.
The XBRL Implementation Guide series is part of the continuing effort of the Financial Accounting Foundation and FASB to update the taxonomy for changes in U.S. GAAP, identify best practices in taxonomy extensions, and offer technical enhancements.
All of the guides are available at www.fasb.org.
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