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Highlights from the FASB’s August 13 meeting

  • FASB meeting Image

Aug 15, 2014

At its August 13, 2014, meeting, the FASB discussed (1) agenda prioritization, (2) impairment, and (3) disclosures about short-duration insurance contracts.


Agenda prioritization

The Board discussed the results of staff research on seven potential projects and added the following projects to its agenda:

  • Presentation of debt issuance costs.
  • Measurement date of defined benefit plan assets.
  • Balance sheet classification of debt.
  • Accounting for income taxes.

In addition to beginning deliberations on the first two of these projects, the Board added projects to the EITF agenda on (1) the fair value hierarchy levels for certain investments measured at net asset value and (2) the effects on historical earnings per unit of master limited partnership dropdown transactions. The Board decided not to include a project on accounting for cash balance pension plans.

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


Financial instruments — impairment

The FASB continued redeliberating its proposed ASU Financial Instruments — Credit Losses (Subtopic 825-15) and tentatively decided that the current expected credit loss model would not apply to available-for-sale debt securities. Instead, entities would apply a revised other-than-temporary impairment model.    

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


Insurance — disclosures about short-duration contracts

The Board confirmed previous decisions related to short-duration insurance contract disclosures and voted to issue a final ASU. To give constituents sufficient time to provide feedback on the proposed disclosures, the Board decided that it will provide a four-week fatal flaw review period on the staff draft of the ASU. The Board will consider such feedback at a future meeting before taking a final vote on the ASU.

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

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