Auditing Employee Benefit Plans. Josie Hammond

amount and reasons for transfers between level 1 and level 2 of the fair value hierarchy.

      2 The policy for timing of transfers between levels.

      3 The valuation processes for level 3 fair value measurements.

      4 For nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring level 3 fair value measurements held at the end of the reporting period.

      FASB ASU No. 2018-13 modified certain disclosure requirements. For a nonpublic entity, the modifications include disclosing transfers into and out of level 3 of the fair value hierarchy and purchases and issues of level 3 assets and liabilities instead of a rollforward for level 3 fair value measurements. In addition, disclosure requirements were added for public entities.

      The amendments in FASB ASU No. 2018-13 are effective for all entities for fiscal years beginning after December 15, 2019.

      Participants are encouraged to consult the full text of ASU No. 2018-13 on FASB’s website at www.fasb.org

      Note. This section does not include all recently issued accounting standards updates. Auditors should monitor FASB developments at http://asc.fasb.org/home.