Staff at the Division of Economic and Risk Analysis (DERA) at the SEC have released an announcement regarding the use of certain XBRL elements for revenue disclosures. Filers that have adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) should be using the new elements related to this ASU to tag related revenue disclosures in their financial statements and notes. However, the staff has observed that filers instead are using outdated tags under the Accounting Standards Codification Topic 605, Revenue Recognition.
ASC Topic 605 has been superseded by ASU 2014-09. Outdated tags that are used under ASC Topic 605 include:
- CustomerAdvancesAndDeposits
- CustomerDepositsCurrent
- DeferredRevenueAdditions
- DeferredRevenueRevenueRecognized1
- HealthCareOrganizationRevenueNetOfPatientServiceRevenueProvisions
If your filing contains any of these tags and the company has adopted ASU 2014-09, you should update your element selection accordingly. Consider whether the taxonomy element is appropriate for the specific disclosure and carefully review the accounting standards disclosure requirements and the U.S. GAAP Taxonomy as part of the element selection process.
The current 2019 Taxonomy is available from FASB and can be viewed and explored using their provided Taxonomy Viewer.
Sources:
Announcement: Current Tags for Revenue Disclosures (www.sec.gov)
