Disclosure Requirements

Question 1

Disclosure Requirements

Answer 1

When fair value is use on both recurring and nonrecurring basis, the fair value at reporting date, valuation techniques, and inputs used in those techniques must be disclosed

Question 2

Disclosures when Fair Value is on Recurring Basis

Answer 2

1. Table showing items at each level of the fair value hierarchy
2. Transfers in and out of each level of the hierarchy
   For measurements in Level 3:
   - A reconciliation of beginning and ending balances
   - Description of the valuation process and significant assumptions

Question 3

Disclosures when Fair Value is on Nonrecurring Basis

Answer 3

1. Reasons for the fair value measurement
2. Level of the fair value hierarchy within the measurements fall (for levels 2 & 3, a description of any changes in techniques)
   For measurements in Level 3:
   - The effect of the measurement on earnings or OCI
   - Quantitative information about the unobservable inputs used