Dataline: Balance sheet offsetting – Questions and interpretive responses about the new disclosure requirements (No. 2013-06)

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Dataline 04/17/2013 by Assurance services
Dataline: Balance sheet offsetting – Questions and interpretive responses about the new disclosure requirements (No. 2013-06)

At a glance

In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (the "ASU") and a number of implementation questions have arisen as companies begin drafting the new disclosures. The questions and interpretive responses in this Dataline may be helpful as companies finalize their disclosures.

In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (the "ASU").  The ASU limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement.

The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods.  Entities will provide the disclosures retrospectively for all comparative periods.

A number of implementation questions have arisen as companies begin drafting the new disclosures.  The questions and interpretive responses in this Dataline may be helpful as companies finalize their disclosures.