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ARTICLE · 12 DECEMBER 2012

On The Horizon - December 4, 2012

Grant Thornton LLP
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The FASB recently issued proposed Accounting Standards Update (ASU), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to respond to stakeholders’ concerns raised while implementing the guidance in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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FASB proposes to narrow scope of disclosures about offsetting

The FASB recently issued proposed Standards Update (ASU), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to respond to stakeholders' concerns raised while implementing the guidance in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities.

As originally issued, the disclosure requirements in ASU 2011-11 applied to, among other things, recognized financial instruments and derivatives that are subject to an enforceable master netting arrangement or similar agreement. However, stakeholders recently informed the Board that many commercial agreements permit offsetting receivables and payables in an event of default, and that these provisions are similar to a master netting arrangement.

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