How are the qualitative disclosures required by Item 305(b) different from those required by FASB Statement 119?
Answer The disclosures required by Item 305(b) are more extensive than those of FASB Statement 119 because they address a broader range of financial instruments. Item 305(b) expands the qualitative disclosures of FASB Statement 119. It requires information about non-derivative non-trading instruments, including derivative commodity instruments, other financial instruments, and derivative financial instruments entered into for trading purposes. Item 305(b) also requires the evaluation and description of material changes in a company’s primary risk exposures and how those risks are managed. Safe Harbor Requirements Question 73.Does the safe harbor for forward looking statements provided in Section 27A of the Securities Act and Section 21E of the Exchange Act apply to market risk information included in the financial statements and the related notes? Answer No. The release specifies that the quantitative and qualitative information required by Items 305 of Regulation S-K and Item 9A of Fo
