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Disclosure Requirements about Offsetting Take Effect in 2013
Posted by Kristen Shepley on Mon, Jul 15, 2013 @ 09:04 AM

New disclosure requirements about offsetting take effect in 2013, with companies now being required to make additional disclosures about assets and liabilities that are offset on their balance sheets. The intention is to make it easier for financial statement users to reconcile statements prepared under US generally accepted accounting principles (US GAAP) with those prepared under international financial reporting standards (IFRS). Accounting Standards Update (ASU) 2013-01, issued by the Financial Accounting Standards Board (FASB) earlier this year, provides additional clarification on these new requirements.

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Topics: offsetting disclsure requirements

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