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This chapter discusses the application of ASC 820 to fair value measurements of financial assets and financial liabilities. It should be read in connection with the overall framework in FV 3, the key concepts in FV 4, and nonperformance risk in FV 8. This chapter assumed adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments.
Recent standard setting
ASU 2016-13, Measurement of Credit Losses on Financial Instruments was effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, ASU 2016-13 was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, including not-for-profit entities and employee benefit plans within the scope of ASC 960 through ASC 965 on plan accounting, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.
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