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The requirements of ASC guidance discussed above apply equally to public and private companies. However, certain disclosure items are only required by SEC registrants. Figure FSP 11-4 summarizes the SEC requirements discussed in this chapter.
Figure FSP 11-4
Presentation and disclosure requirements applicable only to SEC registrants
Description
Reference
Section
Disclose separately, on the balance sheet or in a footnote, any item in excess of 5% of total current liabilities or total liabilities
Disclose separately amounts payable to certain parties
Disclosures related to environmental obligations
ASC 420-10-S99-1 details the SEC staff's requirements for the presentation of restructuring charges. Although not technically applicable to private companies, based on limited authoritative guidance, we believe private companies should consider applying this guidance as well. For additional information related to ASC 420-10-S99-1, see FSP 11.4.4.2.
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