Clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets
The FASB discussed feedback it has received from external reviewers on a draft of its proposed ASU, the comment period for the proposed guidance, and the results of its cost-benefit analysis. The Board directed its staff to draft a proposed ASU with a 60-day comment period for vote by written ballot.
Ratification of EITF tentative conclusion
The FASB voted to approve the consensus-for-exposure reached by the EITF at its March 3, 2016, meeting on Issue No. 16-A, "Restricted Cash," and directed its staff to draft a proposed ASU with a 60-day comment period for vote by written ballot.
New projects on FASB’s agenda
The FASB decided to add two projects to its agenda:
- Employee benefit plans — phase 2 — This project will address the lack of presentation and disclosure guidance on employee benefit plans that have investments held in master trusts.
- Revenue recognition of grants and contracts by not-for-profit entities — This project aims to improve and clarify existing guidance on revenue recognition of grants and contracts by not-for-profit entities.
The FASB decided not to add to its agenda projects on (1) the effects of yieldco dropdown transactions on earnings per share and (2) the presentation of gains and losses from the sale of a business.
For more information on these sessions, see the tentative board decisions on the FASB’s Web site.