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Highlights from the FASB’s March 26 meeting

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Mar 28, 2014

At its March 26, 2014, meeting, the FASB discussed its projects related to going concern, identifiable intangible assets in a business combination, and goodwill for public business entities and not-for-profit entities.

 

Going concern

The FASB discussed the results of additional outreach conducted by its staff and redeliberated the going-concern reporting model. On the basis of feedback received, the Board made tentative decisions related to the following topics:

  • Single-threshold model.
  • Definition of “substantial doubt.”
  • Going-concern assessment period.
  • Frequency of the going-concern assessment.
  • Disclosures.
  • Nonpublic entities.

For more information, see the related Deloitte Accounting Journal entry and the meeting minutes on the FASB's Web site.

 

Accounting for identifiable intangible assets in a business combination (PCC Issue 13-01A)

The FASB discussed accounting alternatives in connection with the Private Company Council’s (PCC's) project on accounting for intangible assets in a business combination. The discussion, which was educational (no decisions were made), was in preparation for the PCC’s April 29 meeting.

For more information, see the meeting notes on the FASB's Web site.

 

Accounting for goodwill for public business entities and not-for-profit entities

The FASB continued its discussion of alternatives related to goodwill measurement and reviewed the results of the research performed by the staff after the February 12, 2014, Board meeting. The FASB considered four alternatives but deferred further discussions until after the IASB issues its findings on the post-implementation review of IFRS 3, Business Combinations, which is expected later this year.

For more information, see the meeting minutes on the FASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.