Old and new fair value disclosure requirements
New FASB guidance issued in August 2018 modifies public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is the result of the FASB’s test of the principles developed in its disclosure effectiveness project, which is designed to improve the effectiveness of disclosures in the notes to the financial statements.
The removal and amendment of certain disclosures can be adopted immediately with retrospective application. As such, companies may stop including these disclosures for both the current and comparative periods in their next set of financial statements. The effective date for the additional disclosures for calendar year-end public companies is January 1, 2020.