| BROAD TRANSACTIONS |
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| 805 Business Combinations |
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- 1. Information that enables the users to evaluate business combinations occurring during the reporting period or after the reporting date but before the financial statements are available to be issued.
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| (FASB ASC 805-10-50-1) |
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- 2. For each business combination that occurs during the reporting period:
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- a. The name and a description of the acquiree.
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- b. The acquisition date.
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- c. The percentage of voting equity interest acquired.
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- d. The primary reasons for the business combination.
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- e. A description of how the acquirer obtained control over the acquiree.
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- f. For transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination:
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- 1. A description of each transaction,
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- 2. How the acquirer accounted for each transaction,
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- 3. The amounts recognized for each transaction and the line item in the financial statements in which each amount is recognized, and
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- 4. If the transaction is the effective settlement of a preexisting relationship, the method used to determine the settlement amount.
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- g. For disclosures required in f.:
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- (1) Amount of acquisition-related costs,
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- (2) Amount recognized as an expense, and
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- (3) Line item or items in the income statement in which those expenses are recognized, and
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- (4) Amount of any issuance costs not recognized as an expense and how they were recognized.
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- h. In a business combination achieved in stages, all of the following:
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- (1) The acquisition-date fair value of the equity interest in the acquiree held by the acquirer immediately before the acquisition date.
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- (2) The amount of any gain or loss recognized as a result of remeasuring to fair value the equity interest in the acquiree held by the acquirer immediately before the business combination (see paragraph 805-10-25-10) and the line item in the income statement in which that gain or loss is recognized.
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- (3) The valuation techniques used to measure the acquisition-date fair value of the equity interest in the acquiree held by the acquirer immediately before the business combination.
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- (4) Information that enables users of the acquirer's financial statements to assess the inputs used to develop the fair value measurement of the equity interest in the acquiree held by the acquirer immediately before the business combination.
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- i. If the acquirer is a public business entity, all of the following:
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- (1) The amounts of revenue and earnings of the acquiree since the acquisition date included in the consolidated income statement for the reporting period.
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- (2) If comparative financial statements are not presented, the revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period (supplemental pro forma information).
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- (3) If comparative financial statements are presented, the revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period (supplemental pro forma information).
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- (4) The nature and amount of any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings.
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- j. If disclosure of any of the information required by (h) is impracticable, the acquirer discloses that fact and explains why the disclosure is impracticable.
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| (FASB ASC 805-10-50-2) |
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- 3. For individually immaterial business combinations occurring during the reporting period that are material collectively, the information required by (f) through (i) in the preceding paragraph in the aggregate.
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| (FASB ASC 805-10-50-3) |
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- 4. If the acquisition date is after the reporting date but before the financial statements are issued or available to be issued, the information required by FASB ASC 805-20-50-2. If the accounting is incomplete at that time, describe which disclosures could not be made and why.
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| (FASB ASC 805-10-50-4) |
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- 5. Disclose financial effects of adjustments during the current period that relate to business combinations that occurred in the current or previous reporting periods.
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| (FASB ASC 805-10-50-5) |
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- 6. Any other information needed for the users to evaluate business combination per ASC 805-10-50-1.
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| (FASB ASC 805-10-50-7) |
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| 805-20 Identifiable Assets and Liabilities and Any Noncontrolling Interest |
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- 1. Make the following disclosures for identifiable assets and liabilities and any non-controlling interest:
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- a. For indemnification assets:
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- (1) The amount recognized as of the acquisition date.
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- (2) A description of the arrangement and the basis for determining the amount of the payment.
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- (3) An estimate of the range of outcomes (undiscounted) or, if a range cannot be estimated, that fact and the reasons why. Disclose if the maximum amount of the payment is unlimited.
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- b. For acquired receivables such as loans, direct finance leases under ASC 840, and any other class of receivables:
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- (1) The fair value of the receivables.
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- (2) The gross contractual amount of the receivables.
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- (3) The best estimate at the acquisition date of the contractual cash flows not expected to be collected.
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- c. The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed.
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- d. For contingencies, the following:
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- (1) For assets and liabilities arising from contingencies recognized at the acquisition date:
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- (a) The amounts recognized at the acquisition date and the measurement basis applied (that is, at fair value or at an amount recognized in accordance with Topic 450 and Section 450-20-25).
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- (b) The nature of the contingencies.
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- (2) For contingencies that are not recognized at the acquisition date, the disclosures required by Topic 450 if the criteria for disclosures in that Topic are met.
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| NOTE: An acquirer may aggregate disclosures for assets and liabilities arising from contingencies that are similar in nature. |
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- e. For each business combination in which the acquirer holds less than 100 percent of the equity interest in the acquiree, the fair value of the noncontrolling interest in the acquiree and the valuation technique and significant inputs used to measure the fair value.
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| (FASB ASC 805-20-50-1) |
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- 2. If individually immaterial business combinations occurring during the reporting period are material collectively, the information above in the aggregate.
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| (FAS ASC 805-20-50-2) |
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- 3. If the acquisition date of a business combination is after the reporting date but before the financial statements are issued or are available to be issued, the information required in 1. above. If the initial accounting for the business combination is incomplete at the time the financial statements are issued or are available to be issued, describe which disclosures could not be made and the reason why.
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| (FAS ASC 805-20-50-3) |
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- 4. If the initial accounting is incomplete and, therefore, the amounts recognized related to the business combination are only provisional:
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- a. Reasons why the accounting is incomplete.
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- b. Items for which the accounting is incomplete.
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- c. Nature and amount of any adjustments recognized during the reporting period.
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| (FASB ASC 805-20-50-4A) |
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| 805-30 Goodwill or Gain from Bargain Purchase |
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- 1. For each business combination that occurs during the reporting period:
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- a. A qualitative description of the factors that make up goodwill recognized.
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- b. The acquisition-date fair value of the total consideration transferred and the acquisition-date fair value of each major classs of consideration, such as cash, other tangible or intangible assets, liabilities incurred, equity interests of the acquirer.
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- c. For contingent consideration arrangements:
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- (1) The amount recognized as of the acquisition date,
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- (2) A description of the arrangement and the basis for determining the payment,
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- (3) An estimate of the range of outcomes or the reason why a range cannot be estimated, and
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- (4) If the maximum amount of the payment is unlimited.
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- d. The total amount of goodwill that is expected to be deductible for tax purposes.
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- e. If the acquirer is required to disclose segment information, the goodwill by segment.
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- f. If the assignment of goodwill to reporting units has not been completed on the financial statements' issuance date, the acquirer is to disclose that fact.
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- g. Bargain purchases:
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- (1) The amount of gain recognized.
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- (2) The line item in the income statement in which the gain is recognized.
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- (3) A description of the reasons why the transaction resulted in a gain.
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| (FASB ASC 805-30-50-1) |
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- 2. If business combinations occurring during the reporting period are individually immaterial, but material collectively, information required by the preceding paragraph in the aggregate.
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| (FASB ASC 805-30-50-2) |
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- 3. If the acquisition date of a business combination is after the reporting date but before the financial statements are issued or are available to be issued, the information required by the paragraph above.
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- 4. If the accounting for the business combination is incomplete at the time the financial statements are issued or are available to be issued, describe which disclosures could not be made and the reason why they could not be made.
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| (FASB ASC 805-30-50-3) |
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- 5. For each material business combination or in the aggregate for individually immaterial business combinations that are material collectively:
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- a. For each reporting period after the acquisition date until the entity collects, sells, or otherwise loses the right to a contingent consideration asset, or until the entity settles a contingent consideration liability or the liability is cancelled or expires, all of the following:
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- (1) Any changes in the recognized amounts, including any differences arising upon settlement.
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- (2) Any changes in the range of outcomes (undiscounted) and the reasons for those changes.
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- (3) The fair value disclosures required by Section 820-10-50.
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- b. A reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period as required by paragraph 350-20-50-1.
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| (FASB ASC 805-30-50-4) |
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| 805-50 Business Combinations—Related Issues |
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| Transactions Between Entities Under Common Control |
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- 1. The nature of and effects on EPS of nonrecurring intra-entity transactions involving long-term assets and liabilities.
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| (FASB ASC 805-50-50-2) |
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- 2. In the notes to financial statements of the receiving entity, the following for the period in which the transfer of assets and liabilities or exchange of equity interests occurred:
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- a. The name and brief description of the entity included in the reporting entity as a result of the net asset transfer or exchange of equity interests.
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- b. The method of accounting for the transfer of net assets or exchange of equity interests.
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| (FASB ASC 805-50-50-3) |
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| Pushdown Accounting |
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- 3. For an entity electing pushdown accounting, information that enables users to evaluate the effect, which may include:
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- a. Name and description of the acquirer.
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- b. How the acquirer obtained control.
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- c. Fair value at the acquisition date of consideration transferred.
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- d. As a result of applying push down accounting, amounts recognized by the acquiree for each major class of assets and liabilities.
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- e. Reasons why initial accounting is incomplete.
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- f. Qualitative description of the factors that make up recognized goodwill.
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- g. Information to evaluate the effects of current reporting period adjustments related to pushdown accounting that occurred in the current or previous periods.
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- h. Other information necessary for users to evaluate the effect of applying pushdown accounting.
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| (FASB ASC 805-50-50-5 and 50-6) |
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| 808 Collaborative Arrangements |
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- 1. In the initial interim or annual period and all annual periods thereafter, a participant to a collaborative arrangement, the following information, separately for each individually significant collaborative arrangement:
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- a. The nature and purpose of its collaborative arrangements.
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- b. The entity's rights and obligations under the arrangements.
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- c. The accounting policy for collaborative arrangements.
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- d. The amounts attributable to transactions arising from the collaborative arrangement between participants for each period an income statement is presented.
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- e. Where those amounts are classified in the income statement.
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| (FASB ASC 808-10-50-1) |
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| 810 Consolidations |
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| Consolidation Policy |
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- 1. The entity's consolidation policy. In most cases this can be made apparent by the headings or other information in the financial statements, but in other cases a footnote is required.
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| (FASB ASC 810-10-50-1) |
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| Parent with a Less-Than-Wholly-Owned Subsidiary |
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- 2. For each reporting period, a parent with one or more less-than-wholly-owned subsidiaries:
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- a. Separately on the face of the consolidated financial statements, the amounts of consolidated net income and consolidated comprehensive income and the related amounts of each attributable to the parent and the noncontrolling interest.
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- b. Either on the face of the consolidated income statement or in the notes, amounts attributable to the parent for:
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- (1) Income from continuing operations.
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- (2) Discontinued operations.
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- c. Either in the consolidated statement of changes in equity if presented, or in the notes, a reconciliation of beginning of period and end of period carrying amounts of total equity, equity attributable to the parent, and equity attributable to the noncontrolling interest, separately disclosing:
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- (1) Net income.
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- (2) Transactions with owners acting in their capacity as owners, separately showing contributions and distributions.
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- (3) Each component of other comprehensive income.
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- d. A separate schedule showing the effects of any changes in the parent's ownership interest in a subsidiary on the equity attributable to the parent.
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| (FASB ASC 810-10-50-1A) |
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| Deconsolidation of a Subsidiary |
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- 3. If a subsidiary is deconsolidated during the reporting period, the parent is to disclose:
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- a. The amount of gain or loss recognized.
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- b. The portion of any gain or loss that relates to the remeasurement to fair value of any investment retained by the former parent in its former subsidiary.
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- c. The caption in the income statement in which the gain or loss is recognized unless presented separately on the face of the income statement.
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- d. Description of the valuation techniques used to measure the fair value of the former investment.
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- e. Enough information for users to assess the inputs used in the development of fair value of the former investment.
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- f. The nature of any continuing involvement with the entity acquiring the assets.
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- g. Whether the transaction was with a related party.
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- h. Whether the former subsidiary or entity acquiring the assets will be a related party after the deconsolidation.
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| (FASB ASC 810-10-50-1B) |
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| A Change in the Difference Between Parent and Subsidiary Fiscal Year-Ends |
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- 4. For all entities that change (or eliminate) a previously existing difference between the reporting periods of a parent and a consolidated entity or an investor and an equity method investee, the disclosures required by Topic 250. This paragraph does not apply in situations in which a parent entity or an investor changes its fiscal year-end.
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| (FASB ASC 810-10-50-2) |
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| Variable Interest Entities10 |
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- 5. Disclosures to be made by the primary beneficiary of a variable interest entity (unless that party also holds a majority voting interest). The principal objectives of these disclosures are to provide the users of the financial statements with information to enable an understanding of:
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- a. The significant judgments and assumptions made by management in determining whether it must consolidate a VIE and/or disclose information about its involvement in a VIE;
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- b. The nature of restrictions on a consolidated VIE's assets and on the settlement of its liabilities reported by a reporting entity in its statement of financial position, including the carrying amounts of such assets and liabilities;
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- c. The nature of, and changes in, the risks associated with the reporting entity's involvement with the VIE; and
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- d. How a reporting entity's involvement with the VIE affects its financial position, financial performance, and cash flows.
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| (FASB ASC 810-10-50-2AA) |
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| Accounting Alternative11 |
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- 6. For a private company that elects the accounting alternative (see 810-10-15-17A),
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- a. Amount and key terms of liabilities that are recognized by the lessor and expose the lessee to providing financial support to the lessor legal entity.
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- b. Qualitative description of circumstances not recognized by the lessor and that expose the lessee to providing financial support to the legal entity.
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| (FASB ASC 810-10-50-2AD) |
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- 7. In applying the disclosures above, the lessee should consider exposures through implicit guarantees, including:
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- a. The existence of an economic incentive for the lessee to act as guarantor or to make funds available.
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- b. Those actions have occurred in similar past situations.
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- c. The lessor acting as guarantor or making funds available.
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| (FASB ASC 810-10-50-2AE) |
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- 8. When disclosing lessor legal entity information, the private company lessee should combine the disclosures with disclosures requested by other guidance, such as guarantees, related party disclosures, and leases. These can be combined in a single note or through cross references.
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| (FASB ASC 810-10-50-2AF) |
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| Primary Beneficiary |
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- 9. The primary beneficiary of a VIE that is a business is to provide the disclosures required by other guidance. The primary beneficiary of a VIE that is not a business is to disclose the amount of any gain or loss recognized on the initial consolidation of the VIE. In addition to other disclosures required by this topic, the primary beneficiary (PB) of a VIE is to disclose the following:
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- a. The carrying amounts and classification of the VIE's assets and liabilities in the statement of financial position that are consolidated, including qualitative information about the relationships between those assets and liabilities.
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- b. Lack of recourse if creditors (or holders of beneficial interests) of a consolidated VIE have no recourse to the general credit of the PB.
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- c. Terms or arrangements, giving consideration to both explicit arrangements and implicit variable interests that could require the reporting entity to provide financial support to the VIE, including events or circumstances that could expose the reporting entity to a loss.
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- d. A business entity that issues voting equity interest and the entity holding the majority voting interest is the primary beneficiary, does not have to make disclosures a through c above.
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| (FASB ASC 810-10-50-3) |
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- 10. In addition to disclosure required by other guidance, a reporting entity that holds a variable interest in a VIE but is not the VIE's primary beneficiary is to disclose:
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- a. The carrying amounts and classification of the assets and liabilities in the statement of financial position of the reporting entity that relate to the reporting entity's variable interest in the VIE.
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- b. The entity's maximum exposure to loss as a result of its involvement with the VIE, including how the maximum exposure is determined and the significant sources of the reporting entity's exposure to the VIE. If management is unable to quantify the maximum exposure to loss, that fact is to be disclosed.
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- c. A tabular comparison of the carrying amounts of the assets and liabilities, as required in a. above, and the enterprise's maximum exposure to loss as required in b. above. A reporting entity is to provide qualitative and quantitative information to enable financial statement users to understand the differences between the two amounts. The discussion is to include, but not be limited to, the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, that could require the reporting entity to provide financial support to the VIE, including events or circumstances that could expose the reporting entity to loss.
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- d. Information regarding any liquidity arrangements, guarantees, and/or other commitments by third parties that may affect the fair value or risk of the reporting entity's VIE is encouraged to be provided.
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- e. If applicable, significant factors and judgments made in determining the power to direct the activities of a VIE that most significantly impact the VIE's economic performance is shared.
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| (FASB ASC 810-10-50-4) |
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- 11. For a reporting entity that is a primary beneficiary of a VIE or a reporting entity that holds a variable interest in a VIE but is not the entity's primary beneficiary:
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- a. The methodology used to determine whether the reporting entity is the PB of a VIE, including significant judgments and assumptions made.
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- b. If facts and circumstances change, resulting in a change to the conclusion to consolidate a VIE in the most recent financial statements, the primary factors that caused the change and the effect on the financial statements of the reporting entity.
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- c. Whether the reporting entity has provided financial or other support (explicitly or implicitly) during the periods presented to the VIE that it was not previously contractually required to provide or whether the reporting entity intends to provide that support, including both of the following:
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- (1) The type and amount of support, including situations in which the reporting entity assisted the VIE in obtaining another type of support.
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- (2) The primary reasons for providing the support.
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- d. Qualitative and quantitative information about the reporting entity's involvement with the VIE (considering both explicit arrangements and implicit variable interest) including, but not limited to, the nature, purpose, size, and activities of the VIE, and how the VIE is financed.
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| (FASB ASC 810-10-50-5A) |
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- 12. A VIE may issue voting equity interests, and the entity that holds a majority voting interest also may be the primary beneficiary of the VIE. If so, and if the VIE meets the definition of a business and the VIE's assets can be used for purposes other than the settlement of the VIE's obligations, the disclosures in the preceding paragraph are not required.
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| (FASB ASC 810-10-50-5B) |
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| Scope—Related Disclosures |
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- 13. For an enterprise that does not apply ASC 810 to one or more VIE or potential VIE because after exhaustive efforts it is unable to obtain the necessary information:
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- a. The number of legal entities to which ASC 810 is not being applied and the reason why the information required to apply ASC 810 is not available.
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- b. The nature, purpose, size (if the information is available), and activities of the VIE or potential VIE and the nature of the enterprise's involvement with those entities.
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- c. The enterprise's maximum exposure to loss as a result of its involvement with the entity or entities.
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- d. The amount of income, expense, purchases, sales, or other measure of activity between the reporting enterprise and the entity (entities) for all periods presented. (If not practicable to present the prior period information in the first set of financial statements to which this requirement applies, that prior period information may be omitted.)
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| (FASB ASC 810-10-50-6) |
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- 14. Disclosures about VIEs may be reported in the aggregate for similar entities if separate reporting would not provide more useful information to financial statement users. A reporting entity should disclose how similar entities are aggregated and shall distinguish between:
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- a. VIEs that are not consolidated because the reporting entity is not the primary beneficiary but has a variable interest.
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- b. VIEs that are consolidated.
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| The disclosures shall be presented in a manner that clearly explains to financial statement users the nature and extent of an entity's involvement with VIEs. |
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| (FASB ASC 810-10-50-9) |
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| Collateralized Financing Entities |
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- 15. If a reporting entity consolidates a collateralized financing entity and measures the financing assets and liabilities using the measurement alternative in ASC 810-30-10 and ASC 810-10-35-6 through 35-8:
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- a. Information fair value measurement required by ASC 820 and ASC 825.
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- b. For the less observable fair value of the financial assets and liabilities measured in accordance with the measurement alternative, the amount was measured on the basis of the more observable of the fair value of the financial assets and liabilities.
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| (FASB ASC 810-10-50-21 and 50-22) |
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| 815 Derivatives and Hedging |
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- 1. Entities with derivative instruments, information that will enable users of the financial statements to understand:
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- a. How and why the entity uses derivatives.
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- b. How derivatives and related hedged items are accounted for.
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- c. How derivatives and related hedged items affect the entity's financial position, financial performance, and cash flows.
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| (FASB ASC 815-10-50-1) |
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- 2. Entities that hold or issue derivative instruments (or nonderivative instruments that are designated and qualify as hedging instruments), the following information for every interim and annual reporting period for which a statement of financial position and income statement are presented:
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- a. The objectives for holding or issuing those instruments.
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- b. The context needed to understand those objectives.
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- c. The strategies for achieving those objectives.
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- d. Information to enable financial statements users to understand the volume of the entity's derivative activity.
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| (FASB ASC 815-10-50-1A) |
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- 3. Select the format and specifics of these volume-related disclosures that are most relevant and practical for their individual facts and circumstances. Information regarding these instruments is to be disclosed in the context of each instrument's underlying risk exposure (e.g., interest rate, credit, foreign exchange rate, or overall price). These instruments are also to be distinguished between those used for risk management purposes and those used for other purposes. Derivatives used for risk management purposes include those designated as hedging instruments as well as those used as economic hedges for other purposes with respect to the risk exposures of the entity.
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| (FASB ASC 815-10-50-1B) |
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- 4. Distinguish in the description between hedging instruments designated as fair value hedges, cash flow hedges, and hedges of foreign currency exposure in a net investment in a foreign operation, and derivative instruments used as economic hedges and for other purposes related to the entity's risk exposures, and for other purposes.
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| (FASB ASC 815-10-50-2) |
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- 5. If an entity opts to apply the simplified hedge approach12 (815-20-25-131A through 131E) in accounting for a qualifying receivable-variable, pay-fixed interest rate swap, the entity may use the settlement value of the swap in place of fair value in the disclosures required by ASC 815 or in other fair value disclosures. The entity must clearly state the amounts are the settlement value. Those amounts must be disclosed separately from amounts disclosed at fair value.
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| (FASB ASC 815-10-50-3) |
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- 6. For derivatives not designated as hedging instruments, the description is to indicate the purpose of the derivative activity for which the derivatives are held or issued.
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| (FASB ASC 815-10-50-4) |
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- 7. For an entity that holds or issues derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) all of the following for every annual and interim reporting period for which a statement of financial position and statement of financial performance are presented:
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- a. The location and fair value of derivative instruments (and such nonderivative instruments) reported in the statement of financial position.
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- b. The location and amount of the gains and losses on derivative instruments (and such nonderivative instruments) and related hedged items reported in any of the following:
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- (1) The statement of financial performance.
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- (2) The statement of financial position (for example, gains and losses initially recognized in other comprehensive income).
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| (FASB ASC 815-10-50-4A) |
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- 8. For the disclosures required by paragraph a above:
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- a. Present the fair value of derivative instruments on a gross basis even when the instruments are subject to master netting arrangements and qualify for net presentation in the statement of financial position per ASC 210-20.
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- b. Cash collateral payables and receivables associated with derivative instruments are not to be added to or netted against the fair value amounts.
|
______ |
- c. Present fair value amounts as separate asset and liability values segregated between derivatives designated and qualifying as hedging instruments and those that are not. Within each of these two broad categories, fair value amounts are to be presented separately by type of derivative contract (e.g., interest rate contracts, foreign exchange contracts, equity contracts, commodity contracts, credit contracts, etc.).
|
______ |
- d. The disclosure is to identify the line item or items in the statement of financial position in which the fair value amounts for these categories are included.
|
______ |
| Present amounts required to be reported for nonderivative instruments at the carrying value of the nonderivative hedging instrument, which includes the adjustment for the foreign currency transaction gain or loss on that instrument. |
|
| (FASB ASC 815-10-50-4B) |
|
- 9. For the gains and losses disclosed pursuant to paragraph 815-10-50-4A(b) present separately for all of the following by type of contract (as discussed in the following paragraph):
|
|
- a. Derivative instruments designated and qualifying as fair value hedges and the related hedged items.
|
______ |
- b. The effective portion of gains and losses on derivative instruments designated and qualifying in cash flow hedges and net investment hedges that was recognized in OCI during the current period.
|
______ |
- c. The effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges and net investment hedges recorded in accumulated other comprehensive income (AOCI) during the term of the hedging relationship and reclassified to earnings during the current period.
|
______ |
- d. The portion of gains and losses on derivative instruments designated and qualifying in cash flow hedges and net investment hedges representing:
|
|
- (1) The amount of the hedges' ineffectiveness, and
|
______ |
- (2) The amount, if any, excluded from the assessment of hedge effectiveness.
|
______ |
- e. Derivative instruments not designated or qualifying as hedging instruments.
|
______ |
| (FASB ASC 815-10-50-4C) |
|
- 10. For disclosures required by FASB ASC 815-10-50-4C:
|
|
- a. Present separately by type of contract, and
|
______ |
- b. Identify the line item in the statement of financial position in which the gains and losses for these categories are included.
|
______ |
| (FASB ASC 815-10-50-4D) |
|
- 11. Present, in a tabular format, the disclosures required by 815-10-40-4A(a) and 50-4A(b), except for the information required for hedged items by 815-10-50-4C(a). For a derivative instrument where a portion is a hedging instrument and a portion is not a hedging instrument, allocate the related amounts to the appropriate categories with the disclosure table.
|
______ |
| (FASB ASC 815-10-50-4E) |
|
- 12. For derivative instruments that are not designated or qualifying as hedging instruments, if the entity's policy is to include these derivative instruments in its trading activities (such as part of a trading portfolio that includes derivative and nonderivative or cash instruments), management can elect not to separately disclose gains and losses as required by FASB ASC 815-10-50-4C(e), provided all of the following information is disclosed:
|
|
- a. The gains and losses on its trading activities (including both derivative and nonderivative instruments) recognized in the income statement, separately by major types of items (e.g., fixed income/interest rates, foreign exchange, equity, commodity, and credit).
|
______ |
- b. The line items in the income statement that include gains and losses from trading activities.
|
______ |
- c. A description of the nature of the entity's trading activities and related risks and how the entity manages those risks.
|
______ |
| If the disclosure is elected, include a footnote in the required tables referencing the use of the alternative disclosures for trading activities. |
|
| (FASB ASC 815-10-50-4F) |
|
| Credit-Risk-Related Contingent Features |
|
- 13. For derivative instruments and nonderivative hedging instruments, all of the following:
|
|
- a. The existence and nature of credit-risk-related contingent features.
|
______ |
- b. The circumstances that could trigger the features in derivative instruments that are in a net liability position at the end of the reporting period.
|
______ |
- c. The aggregate fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position at the end of the reporting period.
|
______ |
- d. The aggregate fair value of assets that are already posted as collateral at the end of the reporting period, and
|
______ |
- e. The aggregate fair value of additional assets that would be required to be posted as collateral, and/or
|
______ |
- f. The aggregate fair value of assets needed to settle the instrument immediately, if the credit-risk-related contingent features were triggered at the end of the reporting period.
|
______ |
- g. The amounts required to be reported for nonderivative instruments designated and qualifying as hedging instruments are the carrying value of the nonderivative hedging instrument, including the adjustment for the foreign currency transaction gain or loss on that instrument.
|
______ |
| (FASB ASC 815-10-50-4H) |
|
| Credit Derivatives |
|
- 14. Credit derivatives disclosures are to be made by the seller (the party that assumes credit risk), which could be a guarantor in a guarantee-type contact, and any party that provides the credit protection in an option-type contract, a credit default swap, or any other credit derivative contract.
|
______ |
| (FASB ASC 815-10-50-4J) |
|
- 15. The seller of credit derivatives is to disclose information about its credit derivatives and hybrid instruments that have embedded credit derivatives to enable users of the financial statements to assess their potential effect on the seller's financial position, financial performance, and cash flows for each statement of financial position presented. The seller of a credit derivative should disclose the following information even if the likelihood of the seller's having to make any payments under the credit derivative is remote:
|
|
- a. The nature of the credit derivative, including:
|
|
- (1) The approximate terms.
|
______ |
- (2) The reason(s) for entering into the credit derivative.
|
______ |
- (3) The events or circumstances that would require the seller to perform under the credit derivative.
|
______ |
- (4) The current status of the payment/performance risk of the credit derivative.
|
______ |
- (5) If the entity uses internal groupings for purposes of item (a)(4), how those groupings are determined and used for managing risk.
|
______ |
- b. All of the following information about the maximum potential amount of future payments under the credit derivative:
|
______ |
- (1) The maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative.
|
______ |
- (2) The fact that the terms of the credit derivative provide for no limitation to the maximum potential future payments under the contract, if applicable.
|
______ |
- (3) If the seller is unable to develop an estimate of the maximum potential amount of future payments under the credit derivative, the reasons why it cannot estimate the maximum potential amount.
|
______ |
- c. The fair value of the credit derivative as of the date of the statement of financial position.
|
______ |
- d. The nature of any recourse provisions that would enable the seller to recover from third parties any of the amounts paid under the credit derivative.
|
______ |
- e. The nature of any assets held either as collateral or by third parties that, upon the occurrence of any specified triggering event or condition under the credit derivative, the seller can obtain and liquidate to recover all or a portion of the amounts paid under the credit derivative.
|
______ |
- f. If estimable, the approximate extent to which the proceeds from liquidation of assets held either as collateral or by third parties would be expected to cover the maximum potential amount of future payments under the credit derivative. In its estimate of potential recoveries, the seller of credit protection shall consider the effect of any purchased credit protection with identical underlying(s).
|
______ |
- g. These disclosures do not apply to an embedded derivative feature related to the transfer of credit risk that is only in the form of subordination of one financial instrument to another.
|
______ |
| (FASB ASC 815-10-50-4K) |
|
| Qualitative Disclosures |
|
- 16. Qualitative disclosures about an entity's objectives and strategies for using derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments pursuant to paragraphs 815-20-25-58 and 815-20-25-66) may be more meaningful if such objectives and strategies are described in the context of an entity's overall risk exposures relating to all of the following:
|
|
- a. Interest rate risk
|
______ |
- b. Foreign exchange risk
|
______ |
- c. Commodity price risk
|
______ |
- d. Credit risk
|
______ |
- e. Equity price risk.
|
______ |
| Include a discussion of those exposures even though the entity does not manage some of those exposures by using derivative instruments. An entity is encouraged, but not required, to provide such additional qualitative disclosures about those risks and how they are managed. |
|
| (FASB ASC 815-10-50-5) |
|
| Unconditional Purchase Obligations |
|
- 17. If an unconditional purchase obligation is subject to the requirements of both Topic 440 and subtopic 815-10-50, comply with both sets of disclosure requirements.
|
______ |
| (FASB ASC 815-10-50-6) |
|
| Balance Sheet Offsetting |
|
- 18. The policy to offset or not offset in accordance with paragraph 815-10-45-6.
|
______ |
| (FASB ASC 815-10-50-7) |
|
19.The information required by paragraphs 210-20-50-1 through 50-6 for all recognized derivative instruments accounted for in accordance with Topic 815, including bifurcated embedded derivatives, which are either:
- Offset in accordance with either Section 210-20-45 or Section 815-10-45.
- Subject to an enforceable master netting arrangement or similar agreement.
|
|
| (FASB ASC 815-10-50-7A) |
|
- 20. The amounts recognized at the end of each reporting period for the right to reclaim cash collateral or the obligation to return cash collateral as follows:
|
|
- a. If a reporting entity has made an accounting policy decision to offset fair value amounts, separately amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral that have been offset against net derivative positions in accordance with paragraph 815-10-45-5.
|
______ |
- b. Separately amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting arrangements that have not been offset against net derivative instrument positions.
|
______ |
- c. For a reporting entity that has made an accounting policy decision to not offset fair value amounts separately, the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting arrangements.
|
______ |
| (FASB ASC 815-10-50-8) |
|
| Certain Contracts on Debt and Equity Securities |
|
- 21. The accounting policy for the premium paid to acquire an option that is classified as held to maturity or available for use.
|
______ |
| (FASB ASC 815-10-50-9) |
|
| 815-15 Embedded Derivatives |
|
| Hybrid Instruments That Are Not Separated |
|
- 1. For hybrid instruments that have embedded credit derivatives, the seller of the embedded credit derivative, the required information for the entire hybrid instrument, not just the embedded credit derivatives.
|
______ |
| (FASB ASC 815-15-50-1) |
|
- 2. Information that will allow users to understand the effect of changes in fair value of hybrid financial instruments measured at fair value under the election and under the practicability exception in paragraph 815-15-30-1 on earnings.
|
______ |
| (FASB ASC 815-15-50-2) |
|
| Embedded Conversion Option That Is No Longer Bifurcated |
|
- 3. Both of the following for the period in which an embedded conversion option previously accounted for as a derivative instrument no longer meets the separation criteria under this subtopic:
|
|
- a. A description of the principal changes causing the embedded conversion option to no longer require bifurcation.
|
______ |
- b. The amount of the liability for the conversion option reclassified to stockholders' equity.
|
______ |
| (FASB ASC 815-15-50-3) |
|
| 815-25 Fair Value Hedges |
|
- 1. Include the following for derivative instruments as well as nonderivative instruments that may give rise to foreign currency transaction gains or losses under ASC 830-20, that have been designated and have qualified as fair value hedging instruments and for the related hedged items:
|
|
- a. The net gain or loss recognized in earnings during the reporting period representing:
|
|
- (1) The amount of the hedges' ineffectiveness, and
|
______ |
- (2) The component of the derivative instrument's gain or loss, if any, excluded from the assessment of hedge effectiveness.
|
______ |
- b. The amount of net gain or loss recognized in net income when a hedged firm commitment no longer qualifies as a fair value hedge.
|
______ |
| (FASB ASC 815-25-50-1) |
|
| 815-30 Cash Flow Hedges |
|
- 1. For derivative instruments that have been designated and have qualified as cash flow hedging instruments and for the related hedging transactions:
|
|
- a. A description of the transactions or other events that will result in the reclassification into earnings of gains and losses that are reported in accumulated other comprehensive income, and
|
______ |
- b. The estimated net amount of the existing gains or losses at the reporting date that is expected to be reclassified into earnings within the next 12 months.
|
______ |
- c. The maximum length of time over which the entity is hedging its exposure to the variability in future cash flows for forecasted transactions excluding those forecasted transactions related to the payment of variable interest on existing financial instruments.
|
______ |
- d. The amount of gains or losses reclassified into earnings as a result of the discontinuance of cash flow hedges because it is probable that the original forecasted transactions will not occur by the end of the originally specified time period or within the additional period of time as specified by ASC 815-30-40.
|
______ |
| (FASB ASC 815-30-50-1) |
|
- 2. As part of the disclosures of accumulated other comprehensive income, separately all of the following:
|
|
- a. The beginning and ending accumulated derivative instrument gain or loss.
|
______ |
- b. The related net change associated with current period hedging transactions.
|
______ |
- c. The net amount of any reclassification into earnings.
|
______ |
| (FASB ASC 815-30-50-2) |
|
| 815-35 Net Investment Hedges |
|
- 1. Quantitative disclosures about derivative instruments may be more useful and less likely to be considered out of context or otherwise misunderstood, if similar information is disclosed about other financial instruments or nonfinancial assets and liabilities to which the derivative instruments are related by activity. In those situations, management is encouraged, but not required, to present a more complete picture of its activities by disclosing that information.
|
______ |
| (FASB ASC 815-35-50-2) |
|
| 815-40 Contracts in Entity's Own Entity |
|
- 1. Changes in the fair value of all contracts classified as assets or liabilities.
|
______ |
| (FASB ASC 815-40-50-1) |
|
- 2. If the contracts meet the definition for a derivative instrument, disclosures required for derivatives.
|
______ |
| (FASB ASC 815-40-50-2) |
|
| Reclassifications and Related Accounting Policy Disclosures |
|
- 3. Contract reclassifications, the reason for the reclassification, and the effect on the financial statements.
|
______ |
| (FASB ASC 815-40-50-3) |
|
- 4. Accounting policy decision regarding the determination of how to partially reclassify contracts subject to this Subtopic.
|
______ |
| (FASB ASC 815-40-50-4) |
|
| Interaction with Disclosures About Capital Structure |
|
- 5. The disclosures required by ASC Topic 505-10, Equity—Overall, apply to all contracts within the scope of ASC Topic 815-40 as follows:
|
|
- a. For an option or forward contract indexed to the issuer's equity:
|
|
- (1) The forward rate
|
______ |
- (2) The option strike price
|
______ |
- (3) The number of issuer's shares to which the contract is indexed
|
______ |
- (4) The settlement date or dates of the contract
|
______ |
- (5) The issuer's accounting for the contract (that is, as an asset, liability, or equity).
|
______ |
- b. If the terms of the contract provide settlement alternatives, those settlement alternatives, including both of the following:
|
|
- (1) Who controls the settlement alternatives
|
______ |
- (2) The maximum number of shares that could be required to be issued to net share settle a contract, if applicable. Paragraph 505-10-50-3 requires additional disclosures for actual issuances and settlements that occurred during the accounting period.
|
______ |
- c. For a contract that does not have a fixed or determinable maximum number of shares that may be required to be issued, the fact that a potentially infinite number of shares could be required to be issued to settle the contract
|
______ |
- d. A contract's current fair value for each settlement alternative (denominated, as relevant, in monetary amounts or quantities of shares) and how changes in the price of the issuer's equity instruments affect those settlement amounts (For some issuers, a tabular format may provide the most concise and informative presentation of these data.)
|
______ |
- e. The disclosures required by paragraph 505-10-50-11 for any equity instrument with in the scope of this Subtopic that is (or would be if the issuer were a public entity) classified as temporary equity. (That paragraph applies to redeemable stock issued by nonpublic entities, regardless of whether the private entity chooses to classify those securities as temporary equity.)
|
______ |
| (FASB ASC 815-40-50-5) |
|
| 815-45 Weather Derivatives |
|
- 1. Entities that enter into weather derivatives contracts follow the disclosure requirements under ASC 825-10.
|
______ |
| (FASB ASC 815-45-50-1) |
|
| 820 Fair Value |
|
| Notes to the preparer |
|
- Unless otherwise indicated, the disclosures included in this section are required to be presented in interim and annual financial statements.
|
|
- Disclosures required to be made separately for each major category of assets and liabilities measured at fair value on a recurring basis in periods subsequent to initial recognition.
|
|
- Quantitative Disclosures required by FASB ASC 820-10-50 should be presented in tabular format.
|
|
| (FASB ASC 820-10-50-8) |
|
- 1. Information that allows users to assess:
|
|
- a. For assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the periods subsequent to initial recognition, the valuation techniques and inputs used to develop those measurements.
|
______ |
- b. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on earnings (or changes in net assets) or other comprehensive income for the period.
|
______ |
| (FASB ASC 820-10-50-1) |
|
- 2. To meet the reporting objectives, consider all of the following:
|
|
- a. The level of detail necessary to satisfy the disclosure requirements.
|
______ |
- b. How much emphasis to place on each of the various requirements.
|
______ |
- c. How much aggregation or disaggregation to undertake.
|
______ |
- d. Whether users of financial statements need additional information to evaluate the quantitative information disclosed.
|
______ |
| (FASB ASC 820-10-50-1A) |
|
- 3. For each class of assets and liabilities measured at fair value in the statement of financial position after initial recognition:
|
|
- a. For recurring and nonrecurring fair value measurements, the fair value measurement at the end of the reporting period, and for nonrecurring fair value measurements, the reasons for the measurement. Recurring fair value measurements of assets or liabilities are those that other Topics require or permit in the statement of financial position at the end of each reporting period. Nonrecurring fair value measurements of assets or liabilities are those that other Topics require or permit in the statement of financial position in particular circumstances (for example, when a reporting entity measures a long-lived asset or disposal group classified as held for sale at fair value less costs to sell in accordance with Topic 360 because the asset's fair value less costs to sell is lower than its carrying amount).
|
______ |
- b. For recurring and nonrecurring fair value measurements, the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3):
|
|
- (1) For assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis, the amounts of any transfers between Level 1 and Level 2 of the fair value hierarchy, the reasons for those transfers, and the reporting entity's policy for determining when transfers between levels are deemed to have occurred. Transfers into each level shall be disclosed and discussed separately from transfers out of each level.
|
______ |
- (2) For recurring and nonrecurring fair value measurements categorized within Level 2 and Level 3 of the fair value hierarchy, a description of the valuation technique(s) and the inputs used in the fair value measurement. If there has been a change in valuation technique (for example, changing from a market approach to an income approach or the use of an additional valuation technique), the reporting entity shall disclose that change and the reason(s) for making it. For fair value measurements categorized within Level 3 of the fair value hierarchy, a reporting entity shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. A reporting entity is not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the reporting entity when measuring fair value (for example, when a reporting entity uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure, a reporting entity cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the reporting entity.13
|
______ |
- c. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, a reconciliation from the opening balances to the closing balances, disclosing separately changes during the period attributable to the following:
|
|
- (1) Total gains or losses for the period recognized in earnings (or changes in net assets), and the line item(s) in the statement of income (or activities) in which those gains or losses are recognized:
|
|
- (a) Total gains or losses for the period recognized in other comprehensive income, and the line item(s) in other comprehensive income in which those gains or losses are recognized.
|
______ |
- (2) Purchases, sales, issues, and settlements (each of those types of changes disclosed separately).
|
______ |
- (3) The amounts of any transfers into or out of Level 3 of the fair value hierarchy, the reasons for those transfers, and the reporting entity's policy for determining when transfers between levels are deemed to have occurred. Transfers into Level 3 shall be disclosed and discussed separately from transfers out of Level 3.
|
______ |
- d. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the amount of the total gains or losses for the period in (c)(1) included in earnings (or changes in net assets) that is attributable to the change in unrealized gains or losses relating to those assets and liabilities held at the end of the reporting period, and the line item(s) in the statement of income (or activities) in which those unrealized gains or losses are recognized.
|
______ |
- e. For recurring and nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy, a description of the valuation processes used by the reporting entity (including, for example, how an entity decides its valuation policies and procedures and analyzes changes in fair value measurements from period to period).
|
______ |
- f. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. If there are interrelationships between those inputs and other unobservable inputs used in the fair value measurement, a reporting entity shall also provide a description of those interrelationships and of how they might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. To comply with that disclosure requirement, the narrative description of the sensitivity to changes in unobservable inputs shall include, at a minimum, the unobservable inputs disclosed when complying with paragraph 820-10-50-2(bbb).
|
______ |
- g. For recurring and nonrecurring fair value measurements, if that of a nonfinancial asset differs from its current use, a reporting entity shall disclose that fact and why the nonfinancial asset is being used in a manner that differs from its highest and best use.
|
______ |
| (FASB ASC 820-10-50-2) |
|
- 4. Determine the appropriate classes of assets and liabilities on the basis of the nature, characteristics, and risks of the asset or liability and the level of the fair value hierarchy within which the fair value measurement is categorized.
|
______ |
| The number of classes may need to be greater for fair value measurements categorized within Level 3 of the fair value hierarchy because those measurements have a greater degree of uncertainty and subjectivity. Determining appropriate classes of assets and liabilities for which disclosures about fair value measurements should be provided requires judgment. A class of assets and liabilities will often require greater disaggregation than the line items presented in the statement of financial position. However, a reporting entity shall provide information sufficient to permit reconciliation to the line items presented in the statement of financial position. If another Topic specifies the class for an asset or a liability, a reporting entity may use that class in providing the disclosures required in this Topic if that class meets the requirements in this paragraph. |
|
| (FASB ASC 820-10-50-2B) |
|
- 5. The policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred in accordance with paragraph 820-10-50-2(bb) and (c)(3). The policy about the timing of recognizing transfers shall be the same for transfers into the levels as for transfers out of the levels.
|
______ |
| (FASB ASC 820-10-50-2C) |
|
- 6. An accounting policy decision to use the exception in paragraph 820-10-35-18D regarding net positions for groups of assets.
|
______ |
| (FASB ASC 820-10-50-2D) |
|
- 7. If a class of assets and liabilities is not measured at fair value in the statement of financial position, but the fair value is disclosed, the level of the fair value hierarchy used to measure the items; for level 2 and 3 items, disclose the valuation techniques and inputs used; and if the highest and best use of a nonfinancial asset is not its current use, disclose that and explain why. Quantitative disclosures about significant unobservable inputs for Level 3 assets and liabilities are not required.
|
______ |
| (FASB ASC 820-10-50-2E) |
|
- 8. A nonpublic entity is not required to disclose the information required by paragraph 820-10-50-2(bb) and (g) and paragraph 820-10-50-2E unless required by another topic.
|
______ |
| (FASB ASC 820-10-50-2F) |
|
- 9. For derivative assets and liabilities, both of the following:
|
|
- a. The fair value disclosures required by paragraph 820-10-50-2(a) through (bb) on a gross basis.
|
______ |
- b. The reconciliation required by paragraph 820-10-50-2(c) through (d) on either a gross or a net basis.
|
______ |
| (FASB ASC 820-10-50-3) |
|
- 10. For a liability measured at fair value and issued with an inseparable third-party credit enhancement, the existence of that credit enhancement.
|
______ |
| (FASB ASC 820-10-50-4A) |
|
- 11. For investments that are within the scope of paragraphs 820-10-15-4 through 15-5 (regardless of whether the practical expedient in paragraph 820-10-35-59 has been applied) and measured at fair value on a recurring or nonrecurring basis during the period, information that helps users of the financial statements to understand the nature and risks of the investments and whether the investments are probable of being sold at amounts different from net asset value per share (or its equivalent, such as member units or an ownership interest in partners' capital to which a proportionate share of net assets is attributed).14 To meet that objective, to the extent applicable, at a minimum, the following information for each class of investment:
|
|
- a. The fair value measurement (as determined by applying paragraphs 820-10-35-59 through 35-62) of the investments in the class at the reporting date and a description of the significant investment strategies of the investee(s) in the class.
|
______ |
- b. For each class of investment that includes investments that can never be redeemed with the investees, but the reporting entity receives distributions through the liquidation of the underlying assets of the investees, the reporting entity's estimate of the period of time over which the underlying assets are expected to be liquidated by the investees.
|
______ |
- c. Unfunded commitments amount related to investments in the class.
|
______ |
- d. A general description of the terms and conditions upon which the investor may redeem investments in the class.
|
______ |
- e. The circumstances in which an otherwise redeemable investment in the class (or a portion thereof) might not be redeemable. Also, for those otherwise redeemable investments that are restricted from redemption as of the reporting entity's measurement date, estimate of when the restriction from redemption might lapse. If an estimate cannot be made, that fact and how long the restriction has been in effect.
|
______ |
- f. Any other significant restriction on the ability to sell investments in the class at the measurement date.
|
______ |
- g. If a reporting entity determines that it is probable that it will sell an investment(s) for an amount different from net asset value per share (or its equivalent) as described in paragraph 820-10-35-62, the total fair value of all investments that meet the criteria in paragraph 820-10-35-62 and any remaining actions required to complete the sale.15
|
______ |
- h. If a group of investments would otherwise meet the criteria in paragraph 820-10-35-62 but the individual investments to be sold have not been identified, so the investments continue to qualify for the practical expedient in paragraph 820-10-35-59, the reporting entity shall disclose its plans to sell and any remaining actions required to complete the sale(s).
|
______ |
| (FASB ASC 820-10-50-6A) |
|
| 825 Financial Instruments |
|
| Entities |
|
- 1. For interim reporting periods, this disclosure guidance applies to all entities but is optional for those entities that do not meet the definition of a publicly traded company.
|
______ |
| (FASB ASC 825-10-50-2A) |
|
- 2. Except as noted in FASB ASC 825-10-50-3A the disclosure guidance related to fair value of financial instruments in paragraphs 825-10-50-10 through 50-19 applies to all entities but is optional for an entity that meets all of the following criteria:
|
|
- a. The entity is a nonpublic entity.
|
______ |
- b. The entity's total assets are less than $100 million on the date of the financial statements.
|
______ |
- c. The entity has no instrument that, in whole or in part, is accounted for as a derivative instrument under Topic 815 other than commitments related to the origination of mortgage loans to be held for sale during the reporting period. If the entity has chosen to apply the simplified hedge accounting approach16 to a receivable-variable, pay-fixed interest rate swap that instrument is not accounted for as a derivative under Topic 815.
|
______ |
| (FASB ASC 825-10-50-3) |
|
- 3. A nonpublic entity is not required to provide the disclosure in paragraph 825-10-50-10(d) for items disclosed at fair value but not measured at fair value in the statement of financial position. Apply this criteria to the most recent year presented in comparative financial statements to determine applicability of this subsection.
|
______ |
| (FASB ASC 825-10-50-3A-4) |
|
- 4. If disclosures are not required in the current period, the disclosures for previous years may be omitted if financial statements for those years are presented for comparative purposes.
|
______ |
| (FASB ASC 825-10-50-5) |
|
- 5. If disclosures are required in the current period, disclosures that have not been reported previously need not be included in financial statements that are presented for comparative purposes.
|
______ |
| (FASB ASC 825-10-50-6) |
|
| Transactions |
|
- 6. The disclosures about fair value prescribed in paragraphs 825-10-50-10 through 50-16 are not required for:
|
|
- a. Employers' and plans' obligations for pension benefits, other postretirement benefits including health care and life insurance benefits, postemployment benefits, employee stock option and stock purchase plans, and other forms of deferred compensation arrangements (see Topics 710; 712; 715; 718, and 960).
|
______ |
- b. Substantively extinguished debt subject to the disclosure requirements of Subtopic 405-20.
|
______ |
- c. Insurance contracts, other than financial guarantees (including financial guarantee insurance contracts within the scope of Topic 944) and investment contracts, as discussed in Subtopic 944-20.
|
______ |
- d. Lease contracts as defined in Topic 840 (a contingent obligation arising out of a cancelled lease and a guarantee of a third-party lease obligation are not lease contracts and are subject to the disclosure requirements in this subsection).
|
______ |
- e. Warranty obligations (see Topic 450 and the Product Warranties Subsections of Topic 460).
|
______ |
- f. Unconditional purchase obligations as defined in paragraph 440-10-50-2.
|
______ |
- g. Investments accounted for under the equity method in accordance with the requirements of Topic 323.
|
______ |
- h. Noncontrolling interests and equity investments in consolidated subsidiaries (see Topic 810).
|
______ |
- i. Equity instruments issued by the entity and classified in stockholders' equity in the statement of financial position (see Topic 505).
|
______ |
- j. Receivable-variable, pay-fixed interest rate swaps for which the simplified hedge accounting approach is applied.17
|
______ |
| (FASB ASC 825-10-50-8) |
|
| Fair Value of Financial Instruments |
|
- 7. As of each interim and annual statement of financial position date:
|
|
- a. The fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the notes.
|
______ |
- b. The method(s) and significant assumptions used to estimate the fair value of financial instruments consistent with the requirements of paragraph 820-10-50-2(bbb) except that a reporting entity is not required to provide the quantitative disclosures about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy required by that paragraph.
|
______ |
- c. A description of the changes in the method(s) and significant assumptions used to estimate the fair value of financial instruments, if any, during the period.
|
______ |
- d. The level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3).
|
______ |
| (FASB ASC 825-10-50-10) |
|
- e. Present fair value with the related carrying amount in a form that clarifies whether the fair value and carrying amount represent assets or liabilities and how the carrying amounts relate to what is reported in the statement of financial position.
|
______ |
| (FASB ASC 825-10-50-11) |
|
- 8. If the fair value of financial instruments is disclosed in more than a single note, one of the notes shall include a summary table. The summary table shall contain the fair value and related carrying amounts and cross-references to the location(s) of the remaining disclosures required by this Section.
|
______ |
| (FASB ASC 825-10-50-12) |
|
- 9. In disclosing the fair value of a financial instrument, an entity shall not net that fair value with the fair value of other financial instruments—even if those financial instruments are of the same class or are otherwise considered to be related (for example, by a risk management strategy)—except to the extent that the offsetting of carrying amounts in the statement of financial position is permitted under either of the following:
|
|
- a. The general principle in paragraph 210-20-45-1.
|
______ |
- b. The exceptions for master netting arrangements in paragraph 815-10-45-5 and for amounts related to certain repurchase and reverse repurchase agreements in paragraphs 210-20-45-11 through 45-17.
|
______ |
| (FASB ASC 825-10-50-15) |
|
- 10. If it is not practicable to estimate the fair value of a financial instrument or a class of financial instruments, information pertinent to estimating the fair value of that financial instrument or class of financial instruments (such as the carrying amount, effective interest rate, and maturity) and the reasons why it is not practicable to estimate fair value.
|
______ |
| (FASB ASC 825-10-50-16) |
|
| Concentrations of Credit Risk of All Financial Instruments |
|
- 11. All significant concentrations of credit risk arising from all financial instruments, whether from an individual counterparty or groups of counterparties.
|
______ |
| (FASB ASC 825-10-50-20) |
|
- 12. Except as indicated in the following paragraph, all of the following about each significant concentration:
|
|
- a. Information about the (shared) activity, region, or economic characteristic that identifies the concentration.
|
______ |
- b. The maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity.
|
______ |
- c. With respect to collateral, all of the following:
|
|
- (1) The entity's policy of requiring collateral or other security to support financial instruments subject to credit risk.
|
______ |
- (2) Information about the entity's access to that collateral or other security.
|
______ |
- (3) The nature and a brief description of the collateral or other security supporting those financial instruments.
|
______ |
- d. With respect to master netting arrangements, all of the following:
|
|
- (1) The entity's policy of entering into master netting arrangements to mitigate the credit risk of financial instruments.
|
______ |
- (2) Information about the arrangements for which the entity is a party.
|
______ |
- (3) A brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk.
|
______ |
| (FASB ASC 825-10-50-21) |
|
- 13. The requirements of the preceding paragraph do not apply to the following financial instruments, whether written or held:
|
|
- a. The financial instruments described in paragraph 825-10-50-8(a); (c); (e); and (f), except for reinsurance receivables and prepaid reinsurance premiums.
|
______ |
- b. Financial instruments of a pension plan, including plan assets, if subject to the accounting and reporting requirements of Topic 715.
|
______ |
| Financial instruments of a pension plan, other than the obligations for pension benefits, if subject to the accounting and reporting requirements of Topic 960, are subject to the requirements of paragraphs 825-10-50-20 through 50-21. |
|
| (FASB ASC 825-10-50-22) |
|
| Market Risk of All Financial Instruments |
|
- 14. An entity is encouraged, but not required, to disclose quantitative information about the market risks of financial instruments that is consistent with the way it manages or adjusts those risks. Appropriate ways of reporting that quantitative information will differ for different entities and will likely evolve over time as management approaches and measurement techniques evolve. Possibilities include disclosing any of the following:
|
|
- a. More details about current positions and perhaps activity during the period.
|
______ |
- b. The hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices.
|
______ |
- c. A gap analysis of interest rate repricing or maturity dates.
|
______ |
- d. The duration of the financial instruments.
|
______ |
- e. The entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year.
|
______ |
| This list is not exhaustive, and an entity is encouraged to develop other ways of reporting quantitative information. |
|
| (FASB ASC 825-10-50-23) |
|
| Fair Value Option |
|
- 15. When management elects the fair value option:
|
|
- a. The reasons that management elected the fair value option for each eligible item or group of similar eligible items.
|
______ |
- b. If management elected the fair value option for some but not all of the eligible items within a group of similar items:
|
|
- (1) A description of the items in the group and the reasons for the partial election.
|
______ |
- (2) Information sufficient to enable users to understand how the group of similar items relates to the individual line items presented on the statement of financial position.
|
______ |
| (FASB ASC 825-10-50-28) |
|
- 16. For each statement of financial position line item that includes one or more items for which the fair value option was elected:
|
|
- a. Information sufficient to enable users to understand how each statement of financial position line item relates to major categories of assets and liabilities presented in accordance with the fair value disclosure requirements of ASC 820 (see above) that provide the reader with information with respect to the level or levels within the fair value hierarchy in which the assumptions used to measure fair value (referred to as “inputs”) are derived.
|
______ |
- b. The aggregate carrying amount of items included in each statement of financial position line item, if any, that are not eligible for the fair value option.
|
______ |
- c. The difference between the aggregate fair value and the aggregate unpaid principal balance of:
|
|
- (1) Loans and long-term receivables (other than securities subject to ASC 820) with contractual principal amounts and for which the fair value option has been elected.
|
______ |
- (2) Long-term debt instruments that have contractual principal amounts and for which the fair value option has been elected.
|
______ |
- d. For loans held as assets for which the fair value option has been elected:
|
|
- (1) The aggregate fair value of loans that are 90 or more days past due.
|
______ |
- (2) The aggregate fair value of loans on nonaccrual status if the entity's policy is to recognize interest income separately from other changes in fair value.
|
______ |
- (3) The difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 or more days past due, in nonaccrual status, or both.
|
______ |
- e. For investments that, absent election of the fair value option, would have been accounted for under the equity method, the following disclosures from ASC 323 are to be made. The extent of disclosures necessary to inform the reader of the financial position and results of operations of an investee is based on management's evaluation of the significance of an investment to the financial position and results of operations of the reporting entity:
|
|
- (1) Parenthetical disclosure, or disclosure in the notes to the financial statements or in separate statements or schedules of:
|
|
- a. The name of each investee and the percentage of ownership of its common stock held by the reporting entity.
|
______ |
- b. The accounting policies of the investor with respect to investments in common stock.
|
______ |
- (2) When investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material to the investor's financial position and results of operations, it may be necessary to present in the notes, or in separate statements, either individually or in groups, summarized information as to assets, liabilities, and results of operations of the investees.
|
______ |
| (FASB ASC 825-10-50-28) |
|
- 17. Required in each interim and annual period for which an income statement is presented about items for which the fair value option has been elected:
|
|
- a. For each line item in the statement of financial position, the amounts of gains and losses from changes in fair value included in net income during the period and the specific line in the income statement on which those gains and losses are reported. ASC 825-10-25 permits management to meet this requirement by aggregating these disclosures with respect to items for which the fair value option was elected with the amounts of gains and losses from changes in fair value with respect to other items measured at fair value as required by other authoritative literature.
|
______ |
- b. A description of how interest and dividends are measured and where they are reported in the statement of income.
|
______ |
- c. With respect to gains and losses included in net income during the period attributable to changes in instrument-specific credit risk associated with loans and other receivables held as assets:
|
|
- (1) The estimated amount of such gains or losses.
|
______ |
- (2) How the gains or losses were determined.
|
______ |
- d. For liabilities with fair values that have been significantly affected during the reporting period by changes in instrument-specific credit risk:
|
|
- (1) The estimated amount of gains and losses from changes in fair value included in net income attributable to changes in the instrument-specific credit risk.
|
______ |
- (2) How the gains and losses were determined.
|
______ |
- (3) Qualitative information regarding the reasons for those changes.
|
______ |
| (FASB ASC 825-10-50-30) |
|
| Other Required Disclosures |
|
- 18. In annual financial statements only, the methods and significant assumptions used to estimate the fair value of items for which the fair value option was elected.
|
______ |
| (FASB ASC 825-10-50-31) |
|
- 19. If management elects the fair value option upon the occurrence of an event where (1) an investment newly becomes subject to the equity method, (2) a subsidiary or a variable interest entity that the investor previously consolidated ceases to qualify for consolidation but the investor continues to hold common stock in the entity, or (3) an eligible item is required to be measured or remeasured at fair value at the time of the event but is not required to be subsequently remeasured at each succeeding reporting date, the following disclosures are required in the financial statements covering the period of the election:
|
|
- a. Qualitative information about the nature of the event.
|
______ |
- b. Quantitative information by statement of financial position line item indicating which line items in the income statement include the effect on net income of initially electing the fair value option for the item.
|
______ |
| (FASB ASC 825-10-50-32) |
|
- 20. The issuer of a registration payment arrangement shall disclose the following information about each registration payment arrangement or each group of similar arrangements:
|
|
- a. The nature of the registration payment arrangement, including the approximate term of the arrangement, the financial instrument(s) subject to the arrangement, and the events or circumstances that would require the issuer to transfer consideration under the arrangement.
|
______ |
- b. Any settlement alternatives contained in the terms of the registration payment arrangement, including the party that controls the settlement alternatives.
|
______ |
- c. The maximum potential amount of consideration, undiscounted, that the issuer could be required to transfer under the registration payment arrangement (including the maximum number of shares that may be required to be issued). If the terms of the arrangement provide for no limitation to the maximum potential consideration (including shares) to be transferred, that fact shall be disclosed.
|
______ |
- d. The fact, if so, that the terms of the arrangement provide for no limitation to the maximum potential consideration to be transferred.
|
|
- e. The current carrying amount of the liability representing the issuer's obligations under the registration payment arrangement and the income statement classification of any gains or losses resulting from changes in the carrying amount of that liability.
|
______ |
- f. The income statement classification of any gains or losses resulting from changes in the carrying amount of the liability representing the issuer's obligations under the registration payment arrangement.
|
|
| (FASB ASC 825-20-50-1) |
|
| 830 Foreign Currency |
|
| 830-20 Foreign Currency Transactions |
|
- 1. Aggregate transaction gain or loss that is included in the entity's net income.
|
______ |
| (FASB ASC 830-20-50-1) |
|
| Subsequent Rate Changes |
|
- 2. If significant, a rate change that occurs after the date of the reporting entity's financial statements and its effects on unsettled balances pertaining to foreign currency transactions. Include consideration of changes in unsettled transactions from the date of the financial statements to the date the rate changed. If it is not practicable to determine these changes, state that fact.
|
______ |
| (FASB ASC 830-20-50-2) |
|
| Effects of Rate Changes on Results of Operations |
|
- 3. To assist financial report users in understanding the implications of rate changes and to compare recent results with those of prior periods, entities are encouraged but not required, to supplement required disclosures an analysis and discussion of the effects of rate changes on the reported results of operations.
|
______ |
| (FASB ASC 830-20-50-3) |
|
| 830-30 Translation of Financial Statements |
|
- 1. Analysis of changes in accumulated translation adjustments which are reported as other comprehensive income. At a minimum, the disclosures should include:
|
______ |
- a. Beginning and ending amounts of the translation adjustments account.
|
______ |
- b. Aggregate adjustment for the period resulting from translation adjustments, and gains and losses from certain hedges and intercompany balances.
|
______ |
- c. Amount of income taxes for the period allocated to translation adjustments.
|
______ |
- d. Amounts transferred from the translation adjustments account and included in determining net income as a result of the (partial) sale or liquidation of the foreign operation.
|
______ |
| (FASB ASC 830-30-50-1) |
|
- 2. Rate changes subsequent to the date of the financial statements including effects on unsettled foreign currency transactions.
|
______ |
| (FASB ASC 830-30-50-2) |
|
| 835-20 Interest—Capitalization of Interest |
|
- 1. The following information with respect to interest costs in the financial statements or related notes:
|
|
- a. For an accounting period in which no interest cost is capitalized, the amount of interest cost incurred and charged to expense during the period.
|
______ |
- b. For an accounting period in which some interest cost is capitalized, the total amount of interest cost incurred during the period and the amount thereof that has been capitalized.
|
______ |
| (FASB ASC 835-20-50-1) |
|
| 840 Leases |
|
- 1. The nature and extent of leasing transactions with related parties.
|
______ |
| (FASB ASC 840-10-50-1) |
|
| Lessees |
|
- 2. The lessee, in its financial statements or footnotes, a general description of its leasing arrangements, including all of the following:
|
|
- a. The basis on which contingent rentals are determined.
|
______ |
- b. The existence and terms of renewal or purchase options and escalation clauses.
|
______ |
- c. Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
|
______ |
| (FASB ASC 840-10-50-2) |
|
| Lessors |
|
- 3. If leasing, exclusive of leveraged leasing, is a significant part of the lessor's business activities in terms of revenue, net income, or assets, in the financial statements or footnotes thereto a general description of the lessor's leasing arrangements.
|
______ |
| (FASB ASC 840-10-50-4) |
|
- 4. Lessor's accounting policy for contingent rental income. If a lessor accrues contingent rental income before the lessee's achievement of the specified target (provided achievement of that target is considered probable), disclosure of the impact on rental income shall be made as if the lessor's accounting policy was to defer contingent rental income until the specified target is met.
|
______ |
| (FASB ASC 840-10-50-5) |
|
