State the disclosures about fair value of financial instruments?

As part of its overall consideration of financial instruments, the FASB issued SFAs 107 (1991) on disclosures about the fair value of financial instruments. It requires that - 

Disclosure about fair value of financial instruments

“An entity shall disclose, either in the body of the financial statements or in the accompanying notes, the fair value of financial instruments for which it is practicable to estimate that value. An entity also shall disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments.” 

For trade receivables and payables, no disclosure is required when carrying amount approximates fair value.

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