Defining Issues | August 2018
The FASB has amended the fair value disclosure requirements as part of its broader disclosure framework project.
Filed under: Presentation, Broad Transactions, Fair Value
KPMG reports on the FASB’s amended fair value disclosures in ASU 2018-13. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures.
ASU 2018-13
Mandatory effective dates and early adoption provisions
Effective date | Public business entities | All other entities |
Annual periods – Fiscal years beginning after | December 15, 2019 | December 15, 2019 |
Interim periods – In fiscal years beginning after | December 15, 2019 | December 15, 2019 |
Early adoption allowed? | Yes, for any period for which financial statements have not yet been issued (made available for issuance) An entity may early adopt any eliminated or modified disclosure requirement and delay adoption of the additional disclosure requirements until their effective date. | Yes, for any period for which financial statements have not yet been issued (made available for issuance) An entity may early adopt any eliminated or modified disclosure requirement and delay adoption of the additional disclosure requirements until their effective date. |
The ASU introduced the following key changes.
Added (not required for nonpublic entities):
Modified:
In addition to the above the ASU amends and removes certain other disclosure requirements.
FASB amends fair value measurement disclosure requirements
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KPMG reports on the release of the disclosure framework chapter of Concepts Statement No. 8, and amendments to the qualitative characteristics chapter.
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The FASB has amended pension and OPEB disclosures as part of its broader disclosure framework project.
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