Joanne M. Flood - Wiley GAAP - Financial Statement Disclosure Manual
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- Название:Wiley GAAP: Financial Statement Disclosure Manual
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Financial Statement Disclosures Manual
Wiley GAAP
Determining the correct wording and presentation formats for disclosures is a time consuming effort. Standards are continually updated, and the latest changes to revenue recognition impact virtually all financial statements. This book is a guide to enhanced disclosure as standardized by FASB, and works in conjunction with other Wiley GAAP products to provide a complete professional reference.
Find specific GAAP codification and explanations quickly and easily Get up to speed on the latest developments and updates Follow references to relevant content in Wiley GAAP and the Disclosure Checklist Study expertly-prepared examples to understand GAAP applications Enhanced disclosure requirements have come about in response to accounting scandals, the proliferation of complicated instruments, and the pressure toward transparency. Keeping abreast of the latest developments – and their applications and requirements – is an essential but time-consuming part of the accountant's role.
simplifies statement preparation by providing complete disclosures information, cross-referenced to relevant GAAP information and tools.
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ABC Company has entered into transactions subject to an enforceable master netting arrangement or other similar agreement with the counterparties XYZ and QRS. The reporting entity has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements in paragraph 210‐20‐50‐1.
1 ABC has a derivative asset (fair value of $100 million) and a derivative liability (fair value of $80 million) with XYZ. Assume that the entity qualifies for and makes an accounting policy election to offset in accordance with Section 815‐10‐45. Cash collateral also has been received from XYZ for a portion of the net derivative asset ($10 million). The derivative liability and the cash collateral received are set off against the derivative asset in the statement of financial position, resulting in the presentation of a net derivative asset of $10 million.
2 Counterparty QRS (assume that the following two transactions are not offset):ABC had entered into a sale and repurchase agreement with QRS that is accounted for as a collateralized borrowing. The carrying value of the financial asset (bonds) used as collateral and held by the reporting entity for the transaction is $79 million, and their fair value is $85 million. The carrying value of the collateralized borrowing (repo payable) is $80 million.ABC also has entered into a reverse sale and repurchase agreement with QRS that is accounted for as a collateralized lending. The fair value of the asset (bonds) received as collateral (and not recognized in the statement of financial position) is $105 million. The carrying value of the secured lending (reverse repo receivable) is $90 million.
| Offsetting of Financial Assets and Derivatives—As of December 31, 20X0 Gross Amounts Not Offset in the Statement of Financial Position | ||||||
| Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | |||
| Financial Instruments | Cash Collateral Received | Net Amount | ||||
| Derivatives | $100,000 | $(90,000) | $10,000 | $– | $– | $10,000 |
| Reverse repurchase, securities borrowings, and similar arrangements | 90,000 | 90,000 | (90,000) | |||
| Other financial instruments | – | – | – | – | – | – |
| Total | $190,000 | $(90,000) | $100,000 | $(90,000) | $– | 10,000 |
Offsetting of Financial Liabilities and Derivative Liabilities—As of December 31, 20X0
| Gross Amounts Not Offset in the Statement of Financial Position | ||||||
| Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Pledged | Net Amount |
| Derivatives | $80,000 | $80,000 | $– | $– | $– | $– |
| Repurchase, securities lending, and similar arrangements | $80,000 | – | 80,000 | (80,000) | – | – |
| Other financial instruments | – | – | – | – | – | – |
| Total | $160,000 | $(80,000) | $80,000 | $(80,000) | $– | $– |
Example 3.4: Disclosure by Type of Financial Instrument and Type of Counterparty 3
The following table illustrates how an entity might provide the quantitative disclosure requirements in ASC 210‐20‐50‐3 by type of instrument and by counterparty.
Offsetting of Financial Assets and Derivative Assets—As of December 31, 20X0
| Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position |
| Derivatives | $100,000 | $(90,000) | $10,000 |
| Reverse repurchase, securities, borrowings, and similar arrangements | $90,000 | – | $90,000 |
| Other financial instruments | – | – | – |
| Total | $190,000 | $(90,000) | $100,000 |
Financial Assets, Derivative Assets, and Collateral Held by Counterparty—As of December 31, 20X0
| Gross Amounts Not Offset in the Statement of Financial Position | ||||
| Net Amounts of Assets Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | |
| Counterparty A | $10,000 | $ – | $ – | $ 10,000 |
| Counterparty B | $90,000 | (90,000) | – | – |
| Other | – | – | – | – |
| Total | $100,000 | $(90,000) | $ – | $10,000 |
Offsetting of Financial Liabilities and Derivative Liabilities—As of December 31, 20X0
| Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position |
| Derivatives | $80,000 | $(80,000) | $ – |
| Repurchase, securities lending, and similar arrangements | 80,000 | – | 80,000 |
| Other financial instruments | – | – | – |
| Total | $160,000 | $(80,000) | $80,000 |
Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Counterparty—As of December 31, 20X0
| Gross Amounts Not Offset in the Statement of Financial Position | ||||
| Net Amounts of Liabilities Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Pledged | Net Amount | |
| Counterparty A | $ – | $ – | $ – | $ – |
| Counterparty B | 80,000 | (80,000) | – | – |
| Other | – | – | – | – |
| Total | $80,000 | $(80,000) | $ – | $ – |
Example 3.5: Sophisticated Entity Disclosure by Type of Financial Instrument and Type of Counterparty 4
The following table illustrates how a sophisticated entity that engages in significant derivative activity might provide the quantitative disclosure requirements in paragraph 210‐20‐50‐3 by type of instrument and by type of counterparty. In this example, the entity further disaggregates the derivative line item into underlying risk, with further disaggregation based on how the derivative is transacted.
Offsetting of Financial Assets and Derivatives—As of December 31, 20X0
| Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position |
| Derivatives: | |||
| Interest rate contracts: Over the counter Exchange traded Exchange cleared | $ XX,XXX XX,XXX XX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Foreign exchange contracts: Over the counter Exchange traded Exchange cleared | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Equity contracts: Over the counter Exchange traded Exchange cleared | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Commodity contracts: Over the counter Exchange traded Exchange cleared | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Credit contracts: Over the counter Exchange traded Exchange cleared | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Other contracts: Over the counter Exchange traded Exchange cleared | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX | XX,XXXXX,XXXXX,XXX |
| Total derivatives, subject to a master netting arrangement or similar arrangement | XX,XXX | XX,XXX | XX,XXX |
| Total derivatives, not subject to a master netting arrangement or similar arrangement | XX,XXX | XX,XXX | XX,XXX |
| Total derivatives | XX,XXX | XX,XXX | XX,XXX |
| Reverse repurchase, securities borrowings, and similar arrangements | XX,XXX | XX,XXX | XX,XXX |
| Other financial instruments | XX,XXX | XX,XXX | XX,XXX |
| Total | $XX,XXX | $XX,XXX | $XX,XXX |
Financial Assets, Derivative Assets, and Collateral Held by Counterparty—As of December 31, 20X0
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