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ARTICLE · 12 FEBRUARY 2013

On The Horizon - February 5, 2013

Grant Thornton LLP
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The FASB has recently issued Accounting Standards Update 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to clarify that the disclosure requirements in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, do not apply to trade receivables.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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Board issues scope clarification of disclosure requirements on offsetting

Recently, the FASB issued Accounting Standards Update (ASU) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to clarify that the disclosure requirements in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, do not apply to trade receivables.

The ASU also clarifies that the disclosure requirements in ASU 2011-11 apply to the following items when they are offset under either FASB Accounting Standards Codification® (ASC) 210-20-45, Balance Sheet: Offsetting, or ASC 815-10-45, Derivatives and Hedging, or are subject to a master netting arrangement or similar agreement:

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