FASB to Revisit Scope of Balance Sheet Offsetting Disclosures
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:
- The scope of the proposed [ASU] would be limited to derivatives, repurchase agreements and reverse repurchase agreements, and securities lending and securities borrowing arrangements.
- 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.
- 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.