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Highlights from the FASB’s November 5 meeting

  • FASB meeting Image

Nov 07, 2014

At its November 5, 2014, meeting, the FASB (1) endorsed the PCC consensus on identifiable intangible assets, (2) updated its technical agenda, and (3) discussed its project on goodwill for public business entities and not-for-profit entities.


FASB endorsement of PCC consensus

The FASB has endorsed the PCC’s final proposal on PCC Issue No. 13-01A, which would give private companies the option of recognizing fewer intangible assets in a business combination.

The FASB staff will prepare a draft of an ASU for vote by written ballot. For more information, see the meeting minutes on the FASB’s Web site.

 

Technical agenda update

The FASB tentatively agreed to add the following projects to its technical agenda:

  • Accounting for financial instruments — hedging.
  • Liabilities and equity — short-term improvements.
  • Accounting for identifiable intangible assets in a business combination for public business entities and not-for-profit entities.

The FASB also tentatively agreed to add the following projects to the EITF’s agenda:

  • Application of the normal purchases and normal sales scope exception to certain electricity contracts in nodal energy markets.
    • Recognition of breakage for no-cash prepaid cards.
    • Employee benefit plans.

For more information, see the related Deloitte Accounting Journal entry and the meeting minutes (agenda, hedging, liabilities and equity, and goodwill for PBEs/NFPs) on the FASB’s Web site.

 

Goodwill for public business entities and not-for-profit entities

The FASB held an educational session to discuss the subsequent measurement of goodwill, the results of the IASB’s post-implementation review of IFRS 3, and the results of a study on the use of qualitative assessment.

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

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