The Financial Accounting Standards Board has issued an updated financial instruments standard clarifying how some fair value requirements do not apply to private companies and not-for-profit organizations.

Accounting Standards Update No. 2013-03, “Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities," clarifies the scope and applicability of a disclosure exemption that is specific to private companies and not-for-profit organizations that resulted from the issuance of Accounting Standards Update No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.”

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