FASB Clarifies Nonpublic Disclosure Exemption —Journal of Accountancy Reviewed by Momizat on . Private Companies and Nonpublic Not-for-Profits are Exempted from a Particular Fair Value Disclosure as a Result of Recent FASB Amendment The Financial Accounti Private Companies and Nonpublic Not-for-Profits are Exempted from a Particular Fair Value Disclosure as a Result of Recent FASB Amendment The Financial Accounti Rating: 0
You Are Here: Home » QuickPress » FASB Clarifies Nonpublic Disclosure Exemption —Journal of Accountancy

FASB Clarifies Nonpublic Disclosure Exemption —Journal of Accountancy

Private Companies and Nonpublic Not-for-Profits are Exempted from a Particular Fair Value Disclosure as a Result of Recent FASB Amendment

The Financial Accounting Standards Board responded quickly to concerns voiced in December to issue an amendment clarifying that private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure.  Ken Tysiac at The Journal of Accountancy reports the news:

The amendment clarifies that the requirement to disclose the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (as Level 1, Level 2, or Level 3) does not apply to private companies and nonpublic not-for-profits for items:

  • That are not measured at fair value in the statement of financial position, but
  • For which fair value is disclosed.

Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, makes the clarification. The ASU clarifies guidance in ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.

Read the full story here. 

aa fair value big

 

The FASB Exempts Private Companies and Certain Non-Profits From Certain Fair Value Disclosures

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

Number of Entries : 2537

©2024 NACVA and the Consultants' Training Institute • Toll-Free (800) 677-2009 • 1218 East 7800 South, Suite 301, Sandy, UT 84094 USA

event themes - theme rewards

Scroll to top
G-MZGY5C5SX1
lw