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XBRL International Conference XBRL and Accounting Standards

XBRL International Conference XBRL and Accounting Standards. Robert H. Herz Chairman, FASB December 5, 2006.

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XBRL International Conference XBRL and Accounting Standards

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  1. XBRL International ConferenceXBRL andAccounting Standards Robert H. Herz Chairman, FASB December 5, 2006 The views expressed in this presentation are my own and do not necessarily represent official positions of the Financial Accounting Standards Board. Official positions of the FASB Board are arrived at only after extensive due process and deliberations.

  2. Impact of XBRL on Development ofAccounting and Disclosure Standards • Today • Tomorrow 12-05-06 XBRL International Conference 2

  3. FASB Involvement in XBRL So Far • XBRL Fellow • Training • Taxonomy Development and Review • Codification Project • FAF/FASB leadership in current taxonomy development push 12-05-06 XBRL International Conference 3

  4. Examples of Impact on RecentStandards/Current FASB Projects • FAS 157 – Fair Value Measurement • Derivatives Disclosures • Financial Statement Presentation 12-05-06 XBRL International Conference 4

  5. FAS 157 – Fair Value Measurement • Project Objectives • Sample Disclosures 12-05-06 XBRL International Conference 5

  6. Example of Sample 157 Disclosures Assets Measured at Fair Value on a Recurring Basis A34. For asset and liabilities measured at fair value on a recurring basis during the period, this Statement requires quantitative disclosures about the fair value measurements separately for each major category of assets and liabilities (paragraph 32(a) and (b)). For assets, that information might be presented as follows: 12-05-06 XBRL International Conference 6

  7. Example of Sample 157 Disclosures ($ in 000s) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Description12/31/XX (Level 1) (Level 2) (Level 3) Trading securities $115 $105 $10 Available-for-sale securities 75 75 Derivatives 60 25 15 $20 Venture capital investments 10 10 Total $260$205$25$30 (Note: For liabilities, a similar table should be presented.) 12-05-06 XBRL International Conference 7

  8. Example of Sample 157 Disclosures Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) A35. For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, this Statement requires a reconciliation of the beginning and ending balances, separately for each major category of assets and liabilities, except for derivative assets and liabilities, which may be presented net (paragraph 32(c) and (d)). For assets, the reconciliation might be presented as follows: 12-05-06 XBRL International Conference 8

  9. Example of Sample 157 Disclosures Fair Value Measurements Using ($ in 000) Significant Unobservable Inputs (Level 3) Venture Capital DerivativesInvestmentsTotal Beginning balance $14 $11 $25 Total gains or losses (realized/unrealized) Included in earnings (or changes in net assets) 11 (3) 8 Included in other comprehensive income 4 4 Purchases, issuances, and settlements (7) 2 (5) Transfers in and/or out of Level 3 (2) 0 (2) Ending balance $20$10$30 The amount of total gains for losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 7 $ 2$ 9 Note: For liabilities, a similar table should be presented.) 12-05-06 XBRL International Conference 9

  10. BRIEF XBRL DEMO 12-05-06 XBRL International Conference 10

  11. Example of Sample 157 Disclosures Gains and losses (realized and unrealized) included in earnings (or changes in net assets) for the period (above) are reported in trading revenues as follows: Trading Other RevenuesRevenues Total gains or losses included in earnings (or changes in net assets) for the period (above) $11$(3) Change in unrealized gains or losses relating to assets still held at reporting date $ 7$ 2 12-05-06 XBRL International Conference 11

  12. Example of Sample 157 Disclosures A36. For each major category of assets and liabilities measure at fair value on a nonrecurring basis during the period, this Statement requires disclosures about the fair value measurements (paragraph 33(a) and (b)). That information might be presented as follows: ($ in 000s) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Year Identical Observable Unobservable Total Ended Assets Inputs Inputs Gains Description12/31/XX (Level 1) (Level 2) (Level3)(Losses) Long-lived assets held and used $75 $75 $(25) Goodwill 30 30 (35) Long-lived assets held for sale 26 26 (15) $(75) 12-05-06 XBRL International Conference 12

  13. Derivatives Disclosures • Project Objectives • Sample Disclosure 12-05-06 XBRL International Conference 13

  14. The following table summarizes the Company’s use of derivative instruments with an interest rate underlying.

  15. Financial Statement Presentation • Project with IASB, UK, Japan – global impact • Project Objectives • Will change/improve format, content, look and feel of basic financial statements • Sample formats 12-05-06 XBRL International Conference 15

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  19. What About the Future? • Other major projects with IASB • Process matters 12-05-06 XBRL International Conference 20

  20. Other Current Major Projects with IASB • Business Combinations • Conceptual Framework • Insurance • Leases • Liabilities and Equity • Pensions and OPEBs • Revenue Recognition 12-05-06 XBRL International Conference 21

  21. Process Matters Relating toXBRL and Future Accounting Standards • Impact on development of requirements – balancing the possible with relevance, usefulness, and cost/benefit • Making new standards and requirements “XBRL ready” upon issuance • Future of General Purpose Financial Statements? • Update Codification 12-05-06 XBRL International Conference 22

  22. Concluding Thoughts • XBRL International and Accounting Standard Setters share Common Objectives • Improvement of content, quality, delivery, and usability of Financial Information • Global Reach • By working together, it’s now happening! 12-05-06 XBRL International Conference 23

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