DERA staff has observed that some filers have adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), but are not using the new elements related to the ASU to tag related disclosures in their financial statements and notes. Instead, the filers are using outdated tags under the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition (Topic 605), which is now superseded.

For example, outdated tags include:

• CustomerAdvancesAndDeposits
• CustomerDepositsCurrent
• DeferredRevenueAdditions
• DeferredRevenueRevenueRecognized1
• HealthCareOrganizationRevenueNetOfPatientServiceRevenueProvisions

Selecting a current and relevant element from the U.S. Generally Accepted Accounting Principles (GAAP) Taxonomy to tag a particular disclosure facilitates effective access to and analysis of that disclosure by investors, other market participants, and other data users. Filers should consider whether the taxonomy element is appropriate for the specific disclosure to be tagged. Filers should carefully review the accounting standards disclosure requirements and the U.S. GAAP Taxonomy before mapping their disclosures to the U.S. GAAP Taxonomy elements.

Filers can find current elements in the 2019 U.S. GAAP Taxonomy at https://www.fasb.org/cs/ContentServer?c=FASBContent_C&cid=1176172820521&d=&pagename=FASB%2FFASBContent_C%2FGeneralContentDisplay.