United States

FASB Proposes Modifications to Fair Value Measurement Disclosure Requirements

Dec 07, 2015
From the Financial Reporting Network

The FASB recently issued proposed ASU, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which would modify the disclosure requirements in FASB ASC Topic 820, Fair Value Measurement, about fair value measurement. The proposal would apply to all entities that are required, under existing GAAP, to disclose recurring or nonrecurring fair value measurements. The proposal would align disclosure requirements about fair value measurement with proposed ASU, Assessing Whether Disclosures Are Material, and Proposed FASB Concepts Statement, Qualitative Characteristics of Useful Financial Information, thereby providing more flexibility and discretion for entities to provide material information in the notes to the financial statements.

The Board will determine the effective date after it considers comments received about the proposal. The comment period ends February 29, 2016.