Heads Up: FASB Clarifies the Applicability of a Fair Value Hierarchy Disclosure for Nonpublic Entities
Volume 20, Issue 6
This Heads Up the FASB’s recently issued Accounting Standards Update (ASU) No. 2013-03, Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities. Under the ASU, 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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