Disclosure Requirements Flashcards

1
Q

What disclosures are required for assets and liabilities measured at FV on a recurring basis?

A
  • FV measurements at reporting date
  • Segregated into each level of FV hierarchy
  • Description of Level 2 and 3 valuation techniques and inputs
  • Unrealized gains and losses
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2
Q

When are assets and liabilities measured at FV on a nonrecurring basis adjusted?

A

-Only when certain conditions exist/events occur

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3
Q

What are the required disclosures for Interim and Annual Balance Sheets?

A

-Mgmt’s reasons for electing FV option if applicable

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4
Q

What are the required disclosures for Interim and Annual Income Statements?

A

-For each line item in Balance Sheet gains and losses from FV changes and where in the Income Statement these gains and losses are reported

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