IASB and FASB issue common offsetting disclosure requirements

The IASB) and the FASB issued common disclosure requirements to better assess the effect or potential effect of offsetting arrangements on a company’s financial position.
For the IASB, these requirements are included in the Amendments to IFRS 7: Disclosure – Offsetting Financial Assets and Financial Liabilities.
The amendments are required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The required disclosures should be provided retrospectively.
Please find the press release herewith attached.