Hold up. (Don't laugh too hard.) ¶ 820-10-50-2 (c-d) specifies appropriate disclosure of a Level 3 instrument credit event or transaction (purchase, sales, issuances, and settlements) resulting in a net gain or loss of other recognized income --OR--  transfer of a Level 2 or Level 1 instrument's fair value between classes.

As everyone knows, Topic 820, now in revision, is the new name of FAS 157 which defined asset classes for Basel II "unification" purposes

• Level 1. Quoted prices in active markets for identical assets or liabilities; observable price
  
• Level 2. assets do not have observable prices, but have inputs that are based on observable prices.
  
• Level 3. Significant unobservable inputs of the fair value calculation of another asset

(NB. Liability classes require no other critera --one dood's asset is the other's liability--though one do wonder, which column of the counterpartays gets to claim authoritay.)

Possibly related hooha of "complex structured financial product" EXPORTS:
Level 2 assets are the new Level 3
NYSSCPA to FASB: Weak!
Dems to NeuLabradores: Automate Suckas!, or the Blueprint for Working Families and Women Returns

Diversity is the key to economic and political evolution.