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On August 28, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The ASU aims to improve the disclosure requirements on fair value measurement by adding, removing, and modifying certain disclosures.
New Disclosure Requirements
The new disclosure requirements are not applicable to non-public entities. The ASU adds the following new disclosures:
Eliminated Disclosure Requirements
The ASU removes the following disclosures:
Modified Disclosure Requirements
The ASU modifies the following disclosure requirements:
The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The entities can choose to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until the effective date.
The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented in the fiscal year of adoption.
To access the full script of ASU No. 2018-13, click here.
For more information on the financial reporting library, contact a local MNP Assurance Professional, or Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of September 30, 2018. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2018. All rights reserved.
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