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Highlights from the FASB’s November 12 meeting

  • FASB meeting Image

Nov 13, 2014

At its November 12, 2014, meeting, the FASB discussed its projects on (1) classification and measurement and (2) consolidation.


Financial instruments — classification and measurement

The FASB redeliberated its prior decisions on the cost and complexity of its proposed ASU on recognizing and measuring financial assets and financial liabilities, including the transitional guidance that an entity would apply to the related U.S. GAAP amendments. The FASB requested its staff to conduct additional research on (1) core deposit liability disclosures and (2) the effect of the proposal’s guidance on accounting for equity securities with readily determinable fair values.

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


Consolidation — principal-versus-agent analysis

The FASB received an update from its staff about the status of its consolidation project. The staff indicated that the FASB received a significant number of comments on its draft amendments to the consolidation guidance. On the basis of the staff’s recommendation and the feedback received from external reviewers, the FASB has decided to hold a meeting on December 10, 2014, to further discuss certain significant items raised during the external review process.

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

Correction list for hyphenation

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