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Heads Up: FASB Proposes to Clarify the Applicability of a Fair Value Disclosure for Nonpublic Entities

Volume 20, Issue 2


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This Heads Up discusses the FASB's recently issued proposed Accounting Standards Update (ASU) Financial Instruments: Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities. The proposed ASU would clarify that all nonpublic entities are exempt from having to disclose the fair value hierarchy level (i.e., Level 1, 2, or 3) for fair value measurements of financial assets and financial liabilities that are disclosed in the footnotes to the financial statements but not reported at fair value in the statement of financial position.

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