FASB - Presentation and disclosures for financial instruments 

June 6:  The FASB, at a June 4 meeting, made decisions about presentation and disclosures for financial instruments as it continued redeliberations on its proposed standard on financial instrument classification and measurement (proposed ASU).

The FASB decided to require a public business entity to:


  • Present the fair value of its financial assets and financial liabilities that are measured at amortized cost either parenthetically in the statement of financial position or in the notes to the financial statements
  • Disclose all financial assets and financial liabilities grouped by both measurement category and form of financial assets

The FASB decided not to change existing requirements for:


  • How entities present financial assets and financial liabilities in the statement of financial position
  • The presentation of financial assets measured at amortized cost that are subsequently identified for sale
  • Disclosure of the difference between the aggregate fair value of any debt instruments reported at fair value through net income (FV-NI) and the aggregate unpaid principal balance of those debt instruments

Read a June 2014 report [PDF 655 KB] prepared by KPMG LLP: Defining Issues: FASB Makes Decisions on Presentation and Disclosures for Financial Instruments




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this

Subscribe

Current and future KPMG clients may subscribe to TaxNewsFlash email alerts.


Email your contact information.

Other TaxNewsFlash publications

TaxNewsFlash-United States by year