FASB to Revisit Scope of Balance Sheet Offsetting Disclosures

Published on: 01 Nov 2012

At its meeting yesterday, the FASB added a project to its agenda to address certain concerns about the scope of Accounting Standards Update (ASU) No. 2011-11, Disclosures About Offsetting Assets and Liabilities. The Summary of Board Decisions on the FASB’s Web site notes that the Board tentatively decided that:

  1. The scope of the proposed [ASU] would be limited to derivatives, repurchase agreements and reverse repurchase agreements, and securities lending and securities borrowing arrangements.
  2. Entities would be required to provide the [disclosures], for all periods presented, in annual and interim reporting periods beginning on or after January 1, 2013, consistent with [ASU] 2011-11.
  3. The proposed [ASU] will have a 25-day comment period.

The Board expects to issue the proposed ASU in the near future. Watch for Deloitte’s upcoming Heads Up on the proposal.

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