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Highlights from the FASB’s May 6–7 meeting

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May 08, 2014

At its May 6–7, 2014, meeting, the FASB discussed its projects on consolidation and going concern.

 

Consolidation — Principal-versus-agent analysis

The FASB continued deliberating its proposed Accounting Standards Update (ASU) on the principal-versus-agent analysis. The Board summarized the results of its outreach conducted to assess when the related-party tiebreaker test in ASC 810 should be performed.

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

 

Going concern

The FASB discussed the results of additional outreach and redeliberated the going-concern reporting model. The Board tentatively decided to issue a final going-concern ASU that will apply to all entities. Furthermore, on the basis of the feedback received, the Board made tentative decisions on the (1) look-forward period and assessment date and (2) transition and effective date.

For more information, see the related Deloitte Accounting Journal entry and 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.