Disclosure Requirements

Question 1

disclosures Required when FV mesmt is used

Answer 1

1. • For assets & liabilities measured at FV on a Recurring Basis
2. • For assets and liabilities that are measured at FV on a Nonrecurring Basis
3. • Other Disclosures
4. • Disclosures related to the Fair Value Options

Question 2

For assets & liabilities measured at FV on a Recurring Basis

Answer 2

Adjusted to FV on recurring basis are adj to FV period after a period, In period subsequent to initial recognition(debt or equity invst)
a.- FV measurements at the reporting date
b.Segregated into the three levels withing the fair value hierarchy
c. Any Transf levels 1 and 2, reasons for such tranf and the policy for determining when those tranf occur, disclose separately
d. Valuation techniques and inputs to measure FV level 2 and 3, and discussion on changes in valuation techniques during the period
E. Level 3 unobservable inputs,
.- a rec of the beg and end bal,
.- Description of the valuation process
.- Quantitative info about the unobservable inputs used
.- Narrative description of the sensitivity of FVto changes in unobservable inputs
.-Unrealized gain and losses for the period
separately presenting changes during the period attributable to:
H. For nonfinancial asset, disclose if Highest and the best use differs from current use and why

Question 3

For Ass an Liab that are measured at FV on a nonrecurring Basis

Answer 3

Adjusted to fair value only at the time of a particular event. In periods subsequent to Initial regonition(an asset impairment that is not measured on a recurring basis) disclose in the bal sheet.
A.- FV mesrmt at the reporting date and the reasons for it
B. Segregated into each of the 3 levels of the FV hierarchy
C. for levels 2 and 3 descrp and discussion of the valuation techn used to measure FV and why the changes
D. FV level 3, description of the valuation process used and quantitative information about the unobservable inputs used
E. For nonfinancial assets, disclose if highest and best use differs from current use and why

Question 4

What significant FV disclosures are required only in annual stmt

Answer 4

The methods and significant assumptions to estimate FV

Question 5

Other Disclosures

Answer 5

quantitative disclosure presented as tabular. Entity is encourage not requiere to the FV info disclosures unde this ASC w/info req by acct pronouncements.

Question 6

FV Options disclosure

Answer 6

required to disclose and identify items to which the FV option is applied and reasons for electing the FV option.
This enables users to understand how FV is applied for ea item (methods and assumptions). gain and losses are disclosed

Question 7

must know FV questions

Answer 7

definition of FV
related elements:exit price, orderly transaction, market participant on the transaction date or the measurement date.
Aproaches:
market, Income and cost approach
FV Hierarchy: level 1 level 2, level 3
Disclosures: anytime you use or elect to use the FV

Question 8

Bal Sheet interim Annual Disclosures

Answer 8

1. mngt reasons for electing FV
2. Iif partial election nfo and Description to enable users to understand why the selection of certain items
3. FV option the aggregate carryin amount and inf o for users to understand
4. The diff betw the aggregate FV and the Aggregate unpaid principal bal of loans and long term AR, long term debt
5. Loans heald as assets and are past due more than 90 days, entity policy to recognize interes income(loans for which interst income is not accrued
6. Investments that would have been under the equity method but shooses to apply FV option

Question 9

Income statement interim Annual Disclosures

Answer 9

1. • Gains and losses in Bal sheet from fair value and where are includer in the IS
2. Description of how interst and dividensr are measured and where reported in the IS
3. -For loas and other AR held as assts, the estimated amt and how were determined
4. Significant changes in Liab w/FV during the period by changes in specific credit risk, estimated amt and how gain and losses were determined, qualitative info about the changes

Question 10

FV option comparison betw

Answer 10

.- Betw entities that choose different measurement methods for similar assets and liabilities
.- Betw Asserts and Liab in the FSs os an entity that selects different measurement for similar assets and liabilites