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FASB clarifies scope of offsetting disclosures

The Financial Accounting Standards Board (FASB) has issued an update to specify the scope of transactions subject to disclosures about offsetting.

The update, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, relates to the Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.

It clarifies that ordinary trade receivables and receivables are not in the scope of the December 2011 update.

According to the update, the previous version only applied to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement.

"The update will reduce unintended costs while providing investors and other users with the information they need to understand the extent to which certain financial instruments are offset pursuant to master netting arrangements," FASB technical director Susan Cosper said.

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Financial Accounting Standards Board

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