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ASU 2016-01 is effective for entities other than public business entities in fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Until ASU 2016-01 is effective for entities other than public business entities, when a reporting entity sells a debt or equity security at a loss during the reporting entity’s subsequent events measurement period (see FSP 28.3), it should assess (1) whether an other-than-temporary impairment may have existed at the balance sheet date and (2) with respect to if a debt security, whether the reporting entity’s assertions as to whether or not it had the “intent to sell” the security were accurate as of the balance sheet date. If the sale should not be reflected in the value at the balance sheet date, a reporting entity should consider disclosing the subsequent sale as a nonrecognized subsequent event.
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