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ARTICLE · 17 JULY 2013

On The Horizon - July 2, 2013

Grant Thornton LLP
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A discussion on implementing certain disclosure requirements under ASU 2011-04.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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Current reporting issue

Implementing certain disclosure requirements under ASU 2011-04

FASB Accounting Standards Update (ASU) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, requires, in part, that public and nonpublic entities subject to its guidance disclose

  • A description of the valuation technique(s) and the inputs used in fair value measurements
  • An unobservable inputs table (quantitative) for measurements using Level 3 inputs
  • A description of valuation processes for measurements using Level 3 inputs
  • All transfers between levels of the fair value hierarchy must be separately reported and described (except disclosure of transfers between Level 1 and Level 2 are not required for nonpublic entities), with the description including the reasons for the transfers and the entity's policy for determining when those transfers occur

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