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FASB defers certain disclosures for non-public employee benefit plans

The Financial Accounting Standards Board (FASB) has voted to indefinitely defer certain disclosures about investments held by a non-public employee benefit plans.

The decision will be reflected in the upcoming Accounting Standards Update: Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04.

The deferral applies to employee benefit plans that hold investments in their plans sponsors' own non-public entity equity securities, including equity securities of their non-public affiliated entities.

It will not affect plans that are subject to Securities and Exchange Commission filing requirements, though.

On the plans it does apply to, the indefinite deferral applies to disclosures of certain quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for investments

FASB chairman Leslie Seidman said "Today's decision is responsive to private company stakeholders, addressing their concern that certain disclosure requirements would potentially provide proprietary information when their employee benefit plans' financial statements are posted on the plan regulator's website."

The deferral will come into effect once the final update for all financial statements is released, which is expected in the next few weeks.

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