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FASB makes decisions at Board meeting

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Sep 11, 2013

At today’s Board meeting, the FASB decided to extend to October 17, 2013, the comment letter deadline for its proposed ASU related to EITF Issue 12-G. In addition, it decided on a redeliberation plan for its proposed ASU on the principal versus agent analysis and to amend the guidance in ASC 915 on development-stage entities.

The FASB voted today to extend the comment letter deadline for its proposed Accounting Standards Update (ASU), Measuring the Financial Liabilities of a Consolidated Collateralized Financing Entity. The proposal is related to a consensus-for-exposure reached by the Emerging Issues Task Force on Issue No. 12-G at its June meeting.

Comments on the proposed ASU are now due by October 17, 2013.

The FASB also outlined a redeliberation plan for its proposed ASU, Principal Versus Agent Analysis (see Deloitte’s journal entry for additional information). Further, the Board decided to amend the guidance in ASC 915 on development-stage entities (see Deloitte’s journal entry and the FASB's press release for details).

The Summary of Board Decisions on today's discussions is available on the FASB Web site.

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