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Fair value measurement disclosures have been amended

February 4, 2019 Article 20 min read
Authors:
Lindy Beldyga Theresa Banka
Read our summary of two Accounting Standard Updates from the Financial Accounting Standards Board (FASB): ASU 2018-13 and ASU 2018-14.

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The Financial Accounting Standards Board (FASB) has issued two Accounting Standard Updates (ASU). ASU 2018-13 affects the fair value disclosures and ASU 2018-14 relates to a plan sponsor’s disclosure of pension or other postretirement benefit obligations. The ASUs eliminate, add and modify certain disclosure requirements for fair value measurements.

ASU 2018-13 is effective for all employee benefit plans for fiscal years beginning after December 15, 2019; however, plans are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The guidance in ASU 2018-14 is effective for fiscal years ending after December 15, 2020, for public business entities, and for fiscal years ending after December 15, 2021 for all other entities; early adoption is permitted.

The changes in fair value disclosures update focuses on the impact to employee benefit plan financial statements and includes example disclosures.

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