U.S. GAAP Financial Reporting Taxonomy Release Notes for:

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1 February 13, 2013 U.S. GAAP Financial Reporting Taxonomy Release Notes for: Proposed Accounting Standards Update Transfers and Servicing (Topic 860): Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings Disclaimer: This version of the Accounting for Repurchase Financings Release Notes accompanies the release of the Accounting for Repurchase Financings taxonomy exposure draft by the Financial Accounting Standards Board for public view and comment. i of iii

2 Notice Authorized Uses of this Document To meet the mission requirements of the U.S. Securities and Exchange Commission (the Commission ), the US GAAP Financial Reporting Taxonomy (the Taxonomy ) may be used by the public, royalty-free, in reporting financial statements under U.S. generally accepted accounting principles ( GAAP ), and may be incorporated without change, in whole or in part, in other works (the Permitted Works ) that comment on, explain, or assist in the use or implementation of the Taxonomy. Permitted Works may be copied, published and distributed by its creator without restriction of any kind imposed hereby; provided, this Authorized Uses notice is included on the first page thereof. Under no circumstances may the Taxonomy, or any part of it, be modified in any way, such as by removing the copyright notice or references to the copyright holder, except as required to translate it into languages other than English or with the prior written consent of Financial Accounting Foundation ( FAF ). Copyright in some of the content available in this Taxonomy belongs to third parties, including XBRL International, Inc. (such third party content, Third Party Documents ), and such content has been produced on this website (and in this Taxonomy) with the permission of the Third Party Documents copyright holders, including XBRL International, Inc. Please check copyright notices on or in respect of individual Third Party Documents. With respect to XBRL International, Inc., their Third Party Documents may only be used in accordance with the terms and conditions of the XBRL International, Inc. Intellectual Property Policy located at 20.pdf (as the same may be amended from time to time). The content located at such website, or in any other copyright notices for Third Party Document copyright holders is the sole property of such Third Party Document copyright holder(s) and is provided therein by such Third Party Document copyright holder(s), "as is without warranty of any kind, either express or implied by FAF, and FAF has no responsibility for the content or obligations therein. The stated copyright holders own or have all necessary right, title and interest in and to the Taxonomy and all technical data, software, documentation, manuals, instructional materials, and other information created in connection with the Taxonomy. The Commission has granted the FAF a coextensive license in the rights the Commission holds pursuant Federal Acquisition Regulations ( FARs ) (Alternative IV) in certain previous versions of the Taxonomy and ancillary materials created in connection therewith and has granted the FAF its authorization and consent to use of all such copyrighted material with the full range of protection permitted under 28 U.S.C The Financial Accounting Foundation has granted the Commission unlimited rights, consistent with FARs , in the Taxonomy and ancillary materials created by the FAF. As we understand, the SEC has an unlimited license in the Taxonomy and the other materials developed for it by XBRL US, Inc. pursuant to Federal Acquisition Regulation ("FAR") , (Alternative IV) and WARRANTY DISCLAIMER THE TAXONOMY, THE INFORMATION CONTAINED HEREIN, AND ALL INFORMATION PROVIDED AS PART OF THIS TAXONOMY AND ITS ASSOCIATED FILES ARE PROVIDED ON AN "AS-IS, WHERE-IS AND WITH ALL FAULTS" BASIS, AND THE FINANCIAL ACCOUNTING FOUNDATION, XBRL INTERNATIONAL, INC., AND ALL OTHER COPYRIGHT HOLDERS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, OR TITLE; OR ANY WARRANTY THAT THE USE OF THE CONTENTS OF THE TAXONOMY OR ITS ASSOCIATED FILES WILL NOT INFRINGE ANY THIRD PARTY PATENTS, COPYRIGHTS, TRADEMARKS OR OTHER RIGHTS. LIMITATION OF LIABILITY IN NO EVENT WILL THE FINANCIAL ACCOUNTING FOUNDATION, XBRL INTERNATIONAL, INC., OR ANY OTHER COPYRIGHT HOLDER BE LIABLE TO ANY USER OR ANY THIRD PARTY FOR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST PROFITS, LOSS OF USE, LOSS OF DATA OR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR SPECIAL DAMAGES, WHETHER UNDER CONTRACT, TORT, WARRANTY OR OTHERWISE, ARISING IN ANY WAY OUT OF THE USE OF THIS TAXONOMY OR ITS ASSOCIATED FILES, OR THE PERFORMANCE OR IMPLEMENTATION OF THE CONTENTS THEREOF OF ANY TYPE WHATSOEVER, WHETHER OR NOT SUCH PARTY HAD ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. ii of iii

3 U.S. GAAP Financial Reporting Taxonomy Release Notes for: Proposed Accounting Standards Update Transfers and Servicing (Topic 860): Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings Contents Page Numbers SUMMARY... 1 SUMMARY OF TAXONOMY CHANGES... 2 Data Type... 2 Balance Type... 2 Deprecated Elements... 2 Undeprecated Elements... 3 Standard, Period Start, Period End, or Total Labels... 3 Codification References... 3 Documentation Labels... 3 New Elements... 3 Deleted Elements... 3 APPENDIX 1 DATA TYPE... 4 APPENDIX 2 BALANCE TYPE... 4 APPENDIX 3 DEPRECATED ELEMENTS... 4 APPENDIX 3 UNDEPRECATED ELEMENTS... 4 APPENDIX 4 STANDARD, PERIOD START, PERIOD END, OR TOTAL LABELS... 5 APPENDIX 5 CODIFICATION REFERENCES... 5 APPENDIX 6 DOCUMENTATION LABELS... 5 APPENDIX 7 NEW ELEMENTS... 5 APPENDIX 8 DELETED ELEMENTS... 6 iii of iii

4 Summary On January 15, 2013, the Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update, Transfers and Servicing (Topic 860): Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings (proposed Update). The amendments in the proposed Update would improve financial reporting about repurchase agreements and other transfers with forward agreements to repurchase transferred assets. The proposal would clarify guidance for distinguishing these transactions as either sales or secured borrowings and improve disclosures about them, notably: 1. Require the disclosure of the gross amount of secured borrowings disaggregated on the basis of the class of financial asset pledged as collateral. 2. For those agreements that result in derecognition, disclose the carrying amount of assets derecognized during the reporting period. A separate taxonomy Exposure Draft was published on the FASB s website in the FASB Taxonomy Online Review and Comment System, which details the changes that will be made to the 2014 U.S. GAAP Financial Reporting Taxonomy (UGT) for the amendments to the FASB Accounting Standards Codification if finalized as part of the annual release process. The document does not constitute U.S. generally accepted accounting principles (GAAP), is not authoritative, and is not meant to provide implementation or illustrative guidance for the amendments in the proposed Update. The taxonomy Exposure Draft and illustrative XBRL document cannot be used in the creation of filings to be submitted to the Securities and Exchange Commission (SEC). The taxonomy Exposure Draft and illustrative XBRL document are provided solely for the purpose of exposing the proposed Update to the 2014 UGT that would be required if the ASU is finalized as proposed for constituent review and comment. The taxonomy Exposure Draft is available for a 60- day comment period. The following changes were made in the taxonomy Exposure Draft to capture the reporting implementation of the new amendments: 1. For the disclosure requirements in paragraph : a. New elements were created to meet the requirements to disclose the amount of assets recognized and the change in the amount derecognized. b. Broader table text block and table element for the disclosure were created. 2. Elements to meet the reporting objective have been located in network to represent that the affected entities are not limited to banking or broker-dealers only. 3. Elements created specifically to meet the disclosure requirement at Regulation S-X (m)(1) have been deprecated and replaced with broader elements that are not restricted to only repurchase agreements that exceed 10 percent of assets. 4. The following change is not the result of a change in accounting guidance but, rather, changes that will improve the modeling within the UGT: a. The secured debt elements that may be conveyed dimensionally were deprecated. A complete list of all proposed changes to the 2014 UGT necessary to address the proposed Update is included in the appendixes to this document. For convenience of use and analyses, the changes are posted on the FASB s website in a spreadsheet format as well. 1 of 6

5 Summary of Taxonomy Changes The taxonomy Exposure Draft includes documentation and visual cues at the element level that make identifying and commenting on the taxonomy changes easier for constituents. Fragment Documentation Label Highlights all changes made as a result of the proposed amendments in the Update. Changes made to the taxonomy based on amendments in the proposed Update include the text {ASU Accounting for Repurchase Financings} in the Fragment Documentation Label. The following are the types of changes documented in the label: a. New Element b. Modified References c. Modified Documentation Label. Originally read as follows: [Insert definition] d. Modified Standard, Period Start, Period End, or Total Labels e. Element Deprecated. Shared Searches are included with the taxonomy Exposure Draft to highlight changes as a result of the proposed amendments in the Update. After applying the Shared Search and selecting Highlight Matches at the bottom of the screen, the filter highlights in pale yellow the relationships groups, presentation relationships, calculation relationships, and definition relationships that contain elements that are modified or added as a result of the amendments in the Update. An additional Shared Search is included that excludes modified relationships. Constituents may find this filter easier to use. As the constituent navigates through the taxonomy, all changes are highlighted in bright yellow. Each element that has been modified or added includes the Fragment Documentation Label. On the FASB s website is a document, Guide for Using the Taxonomy Viewer, that provides guidance on how to use the taxonomy viewer and comment tracking tool to view and comment on the taxonomy Exposure Draft. Data Type The taxonomy exposure draft includes no data type changes as a result of the amendments in the Update (see Appendix 1). Balance Type The taxonomy Exposure draft includes no balance type changes as a result of the proposed amendments in the Update (see Appendix 2). Deprecated Elements There were 10 elements deprecated in the taxonomy Exposure Draft as a result of the proposed amendments in the Update (see Appendix 3). Deprecated elements remain in the taxonomy to satisfy legacy and conversion requirements but should not be used after the effective date of the proposed amendments in the Update. The reason for each deprecated element is documented in the taxonomy Exposure Draft. A number of steps were taken to identify (1) elements deprecated as a result of the proposed amendments in the Update and (2) the element that should be used in place of the deprecated item. Those deprecated elements are identified in the taxonomy Exposure Draft as follows: a. The Fragment Documentation Label contains the text Element Deprecated. b. The Deprecated Date Label associated with the element includes the date of deprecation. The date is the date that the element should no longer be used, which will usually align with the release date of the taxonomies. If there is a phase-out period, the deprecated date will include it. c. The Deprecated Label is used to indicate the details of the deprecated element. Specifically, the label indicates the reason for deprecation and the possible replacement element that may be appropriate. 2 of 6

6 Not all deprecated elements will have a new element that may be used in their place. Those elements may be deprecated because of errors in their creation, duplication, or overlapping with another element or because the element has been superseded and is no longer relevant as a result of the proposed amendments in the Update. In those cases, the Deprecated Label does not specify a replacement element. Undeprecated Elements There were no elements undeprecated in the taxonomy Exposure Draft as a result of the proposed amendments in the Update (see Appendix 3). Standard, Period Start, Period End, or Total Labels Changes have been made to the standard, period start, period end, or total labels of 3 elements as a result of the proposed amendments in the Update (see Appendix 4). An element will only appear once in the appendix even if more than one of the labels noted previously have been modified. Codification References The taxonomy Exposure Draft includes additions, replacements, and removals to Codification references for 2 elements as a result of the proposed amendments in the Update (see Appendix 5). Documentation Labels The taxonomy Exposure Draft includes changes to 2 element definitions as a result of the proposed amendments in the Update (see Appendix 6). New Elements The taxonomy Exposure Draft includes 9 new elements, which are added as a result of the amendments in the Update (see Appendix 7). Deleted Elements The taxonomy Exposure Draft includes nodeleted elements as a result of the proposed amendments in the Update (see Appendix 8). 3 of 6

7 Appendix 1 Data Type Appendix 2 Balance Type Appendix 3 Deprecated Elements 1 Securities or Other Assets Sold under Agreements to Repurchase [Axis] AssetsSoldUnderAgreementsToRepurchase Axis 2 Assets Sold under Agreements to Repurchase, Carrying Amount 3 Assets Sold under Agreements to Repurchase, Market Value 4 Assets Sold under Agreements to Repurchase, Type [Domain] 5 Schedule of Assets Sold under Agreements to Repurchase [Table] 6 Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] AssetsSoldUnderAgreementsToRepurchase CarryingAmounts AssetsSoldUnderAgreementsToRepurchase MarketValue AssetsSoldUnderAgreementsToRepurchaseT ypedomain ScheduleOfAssetsSoldUnderAgreementsToR epurchasetable ScheduleOfUnderlyingAssetsOfRepurchaseA greementswhenamountofrepurchaseagree mentsexceeds10percentofassetstextblock 7 Secured Debt, Dollar Rolls SecuredDebtDollarRolls 8 Secured Debt, Other SecuredDebtOther 9 Secured Debt, Repurchase Agreements SecuredDebtRepurchaseAgreements 10 Secured Debt, Repurchase and Reverse Repurchase Agreements and Dollar Rolls [Abstract] SecuredDebtRepurchaseAndReverseRepurc haseagreementsanddollarrollsabstract Appendix 3 Undeprecated Elements 4 of 6

8 Appendix 4 Standard, Period Start, Period End, or Total Labels 1 Financial Assets Sold under Agreements to Repurchase, Interest Rate AssetsSoldUnderAgreementsToRepurchaseInt erestrate 2 Transfer of Financial Assets, Entitles and Obligates Repurchase or Redemption [Line Items] 3 Financial Assets Sold under Agreements to Repurchase, Gross AssetsSoldUnderAgreementsToRepurchaseLin eitems AssetsSoldUnderAgreementsToRepurchaseRe purchaseliability Appendix 5 Codification References 1 Financial Assets Sold under Agreements to Repurchase, Gross AssetsSoldUnderAgreementsToRepurchaseR epurchaseliability 2 Securities Loaned, Gross SecuritiesLoanedGross Appendix 6 Documentation Labels 1 Financial Assets Sold under Agreements to Repurchase, Gross AssetsSoldUnderAgreementsToRepurchaseRe purchaseliability 2 Financial Assets Sold under Agreements to Repurchase, Interest Rate AssetsSoldUnderAgreementsToRepurchaseInt erestrate Appendix 7 New Elements 1 Accounting Standards Update 20XX-XX [Member] AccountingStandardsUpdate20XXXXMember 2 3 Financial Assets Sold under Agreements to Repurchase Financial Assets Sold under Agreements to Repurchase, Amount Derecognized FinancialAssetsSoldUnderAgreementsToRepu rchase FinancialAssetsSoldUnderAgreementsToRepu rchaseamountderecognized 4 Financial Assets Sold under Agreements to FinancialAssetsSoldUnderAgreementsToRepu 5 of 6

9 Repurchase, Description of Change Financial Assets Sold under Agreements to Repurchase, Gross [Abstract] Transfer of Financial Assets, Entitle and Obligate Repurchase or Redemption, Assets Sold under Agreements to Repurchase [Abstract] Transfer of Financial Assets, Entitle and Obligate Repurchase or Redemption, Securities Loaned [Abstract] Transfer of Financial Assets, Entitle and Obligate Repurchase or Redemption [Table] Transfer of Financial Assets, Entitle and Obligate Repurchase or Redemption [Table Text Block] rchasedescriptionofchange FinancialAssetsSoldUnderAgreementsToRepu rchasegrossabstract TransferOfFinancialAssetsEntitleAndObligate RepurchaseOrRedemptionAssetsSoldUnderA greementstorepurchaseabstract TransferOfFinancialAssetsEntitleAndObligate RepurchaseOrRedemptionSecuritiesLoanedA bstract TransferOfFinancialAssetsEntitleAndObligate RepurchaseOrRedemptionTable TransferOfFinancialAssetsEntitleAndObligate RepurchaseOrRedemptionTableTextBlock Appendix 8 Deleted Elements 6 of 6

Implementation Guide Series

FASB US GAAP Financial Reporting Taxonomy Implementation Guide Series Other Comprehensive Income Based on UGT Version 2013 March 28, 2013 Notice Authorized Uses of this Document Financial Accounting Foundation,