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Last week, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses classification and measurement of financial instruments accounted for under U.S. GAAP.
Once fully adopted, ASU 2016-01 significantly revises how entities account and disclose financial assets and financial liabilities. For those entities that are not public, including credit unions, this ASU will eliminate certain incremental disclosures about financial instruments measured at amortized cost. The fair value of those financial instruments and the level of the fair value hierarchy information may be omitted under the early adoption provisions.
Early adoption is not allowed for financial instruments recognized at fair value, as such, the disclosure requirements will not change for them until the ASU becomes effective in 2018 or 2019.
Need Additional Guidance
If you need help interpreting the ASU or assessing the modifications it requires to your organization’s current accounting practices, contact our team of accounting and audit advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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