Which of the following disclosures are required under AASB 13?
Disclosure objectives AASB 13 requires disclosure of sufficient information to help users of financial statements to assess: the valuation techniques and inputs used to develop both recurring and non-recurring measurements for assets and liabilities measured at fair value after initial recognition.
What are the reporting and disclosure requirements for revenue recognition?
ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied at the end of the reporting period and an explanation of when the entity expects to recognize revenue by either a quantitative basis or a qualitative basis.
What is ASC 323?
ASC 323-10 provides guidance on the application of the equity method of accounting to investments within the Subtopic’s scope. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (GAAP) in the economic resources underlying the investments.
What are footnote disclosures on financial statements?
Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures. They also help to explain any irregularities or perceived inconsistencies in year to year account methodologies.
What are footnotes and disclosures?
Footnote disclosures describe how the numbers in the statement of financial position, statement of activities and cash flow statements were determined and provide a sense of where the organization is going. Financial statements are required to provide full disclosure, including future contingencies and commitments.
What is a Level 3 disclosure modification?
Disclosure Modifications In lieu of a reconciliation of opening and closing balances “roll-forward” of level 3 fair value measurements, disclosure is required of transfers into and out of level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities.
What are the new disclosure requirements in the new leasing standard?
As noted previously, the objective of the disclosure requirements in the new leasing standard is to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.
What should be included in the disclosure of new accounting standards?
1 A comparison of accounting policies. 2 Status of implementation. 3 Consideration of the effect of new footnote disclosure requirements in addition to the effect on the balance sheet and income statement. 4 Disclosure of the quantitative impact of the new accounting standard if it can be reasonably estimated.
What is the objective of FASB 842 20 50 1?
Disclosure Objective FASB Accounting Standards Codification (ASC) 842-20-50-1 and 842-30-50-1 provide that “the objective of the disclosure requirements is to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.”