Disclosure Requirements

Question 1

What disclosures are required for assets and liabilities measured at FV on a recurring basis?

Answer 1

• FV measurements at reporting date
• Segregated into each level of FV hierarchy
• Description of Level 2 and 3 valuation techniques and inputs
• Unrealized gains and losses

Question 2

When are assets and liabilities measured at FV on a nonrecurring basis adjusted?

Answer 2

-Only when certain conditions exist/events occur

Question 3

What are the required disclosures for Interim and Annual Balance Sheets?

Answer 3

-Mgmt’s reasons for electing FV option if applicable

Question 4

What are the required disclosures for Interim and Annual Income Statements?

Answer 4

-For each line item in Balance Sheet gains and losses from FV changes and where in the Income Statement these gains and losses are reported