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New Employee Benefit Plan Audit Risk Areas Disclosures of Offsetting Assets and Liabilities

In response to significant broad scope concerns of ASU 2011-11, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update limits the scope of the disclosure requirement within ASU 2011-01 to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions.