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FASB discusses projects on revenue, financial instruments, and disclosure framework during latest meeting

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Jul 25, 2013

During the FASB’s meeting (part of it was a joint meeting with the IASB), discussions continued on the follwoing projects: revenue recognition, accounting for financial instruments: impairment, accounting for financial instruments: classification and measurement, and the disclosure framework.

The FASB and IASB continued their discussions on the revenue project as they work to finalize the new standard. Specifically, they discussed collectibility, contracts that do not meet step 1 of the revenue model, and when entities should include a minimum amount of variable consideration in the estimate of transaction price.

For the financial instruments projects, the boards discussed the comments received on the impairment (credit losses) exposure drafts and the plan for redeliberations on the classification and measurement project, which are expected to begin in September.

During the FASB’s meeting on the disclosure framework project, it discussed the role of notes in financial reporting, disclosure requirements that overlap with SEC requirements, and disclosure requirements that overlap with requirements outside the financial report.

Click for the minutes (links to the FASB's Web site) of the FASB’s meetings that concluded July 25:

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