#13 Disclosure Requirements

Question 1

Are Fair Value disclosures required for Quarterly Statements?

Answer 1

Yes

Question 2

Fair Value option disclosures are intended to facilitate what two comparisons?

Answer 2

1. Comparisons between entities that choose different measurement methods for similar assets/liabilities.
2. Comparisons between similar assets that a company uses different measurement methods for.

Question 3

Fair Value disclosures must separately disclose which items are at each of the three fair value hierarchy levels.

True or False?

Answer 3

True

Question 4

Quantitative Fair Value disclosures must be presented using what type of format?

Answer 4

Tabular Format

Question 5

Determining what specific fair value disclosures are required depends on what?

Answer 5

Whether the items are measured at fair value on a recurring basis or a nonrecurring basis.

Question 6

Are fair value disclosures intended to provide or replace the information that would have been provided if the fair value option had not been elected?

Answer 6

Provide

Question 7

Combined disclosures about fair value required by all pronouncements are required or encouraged?

Answer 7

Encouraged

Question 8

Fair value disclosures are required for only the balance sheet and not the income statement.

True or False

Answer 8

False