3. Amend paragraphs 210-20-15-3 and 210-20-60-3, with a link to transition paragraph 740-10-65-3, as follows:
Balance Sheet—Offsetting
Scope and Scope Exceptions
> Other Considerations
210-20-15-3 The general principle of a right of setoff involves only two parties, and exceptions to that general principle shall be limited to practices specifically permitted by the Subtopics listed in this paragraph. Various accounting Subtopics specify accounting treatments in circumstances that result in offsetting or in a presentation in a statement of financial position that is similar to the effect of offsetting. The guidance in this Subtopic does not modify the accounting treatment in the particular circumstances prescribed by any of the following Subtopics:
a. Paragraphs 840-30-35-32 through 35-52 (leveraged leases)
b. Subtopic 715-30 (accounting for pension plan assets and liabilities)
c. Subtopic 715-60 (accounting for plan assets and liabilities)
d. Subtopic
740-30
740-10 (net tax asset or liability amounts reported)
dd. Paragraphs 815-10-45-1 through 45-7 (derivative instruments with the right to reclaim cash collateral or the obligation to return cash collateral)
e. Subtopics 940-320 (trade date accounting for trading portfolio positions) and 910-405 (advances received on construction contracts)
f. Paragraph 942-305-45-1 (reciprocal balances with other banks).
Relationships
> Income Taxes
210-20-60-3 For guidance on amounts reported for net tax assets or liabilities, see Subtopic
740-10 740-30
.
4. Add paragraph 740-10-65-3 and its related heading as follows:
> Transition Related to Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists
740-10-65-3 The following represents the transition and effective date information related to Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists:
a. The pending content that links to this paragraph shall be effective as follows:
1. For fiscal years, and interim periods within those years, beginning after December 15, 2013.
2. For {add glossary link to 5th definition}nonpublic entities{add glossary link to 5th definition}, for fiscal years, and interim periods within those years, beginning after December 15, 2014.
b. Earlier adoption of the pending content that links to this paragraph is permitted.
c. An entity shall apply the pending content that links to this paragraph prospectively to unrecognized tax benefits that exist at the effective date.
d. An entity may elect to apply the pending content that links to this paragraph retrospectively.
e. An entity shall provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period the entity adopts the pending content that links to this paragraph.
5. Amend paragraph 740-10-00-1, by adding the following items to the table, as follows:
740-10-00-1 The following table identifies the changes made to this Subtopic.
Paragraph Number |
Action |
Accounting Standards Update |
Date |
740-10-45-10A |
Added |
2013-11 |
07/18/2013 |
740-10-45-10B |
Added |
2013-11 |
07/18/2013 |
740-10-45-11 through 45-13 |
Amended |
2013-11 |
07/18/2013 |
740-10-65-3 |
Added |
2013-11 |
07/18/2013 |
6. Amend paragraph 210-20-00-1, by adding the following items to the table, as follows:
210-20-00-1 The following table identifies the changes made to this Subtopic.
Paragraph Number |
Action |
Accounting Standards Update |
Date |
210-20-15-3 |
Amended |
2013-11 |
07/18/2013 |
210-20-60-3 |
Amended |
2013-11 |
07/18/2013 |
The amendments in this Update were adopted by the unanimous vote of the seven members of the Financial Accounting Standards Board:
Leslie F. Seidman, Chairman
Daryl E. Buck
Russell G. Golden
Thomas J. Linsmeier
R. Harold Schroeder
Marc A. Siegel
Lawrence W. Smith