On December 16, 2011, FASB and IASB issued common disclosure requirements intended to help investors better assess the effect of offsetting arrangements on a company's financial position. Offsetting, also known as netting, is the presentation of assets and liabilities as one net amount in the balance sheet. Eligibility criteria for offsetting differ for IFRS and US GAAP. Unlike IFRS, US GAAP allows companies to present net amounts in their balance sheets for derivatives that are subject to a legally enforceable netting arrangement with the same party where set-off rights are only available in the event of default or bankruptcy.

The new requirements are meant to allow investors to better compare financial statements under IFRS or US GAAP and improve transparency in how companies mitigate credit risk. Compliance with the new requirements is required for annual reporting periods beginning on January 1, 2013.