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FASB proposes update to clarify offsetting disclosures

The Financial Accounting Standards Board (FASB) has proposed an accounting standards update to clarify the scope of transactions subject to offsetting disclosures.

FASB wants to shed light on a previous accounting standards update, 'No. 2011-11', which covers the disclosures regarding offsetting assets and liabilities.

This update was launched in December 2011 as a result of a joint project with the International Accounting Standards Board (IASB) aimed at improving transparency and comparability between US GAAP and IFRS.

In particular, it proposed enhanced disclosures with regards to financial instruments and derivative instruments that are either offset on the statement of financial position or subject to an enforceable master netting arrangement, the FASB explained.

The FASB has now issued 'Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities', an update for public comment to address implementation issues "surrounding the scope of balance sheet offsetting guidance issued last year" FASB technical director Susan Cosper said.

Cosper added that the goal is to reduce unintended costs and help investors understand "the extent to which certain financial instruments are offset pursuant to master netting arrangements."

The update is open for comment until 21 December.

Related links
Financial Accounting Standards Board

Financial Accounting Standards Board: proposed update


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