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EITF discusses two Issues at January educational meeting

  • EITF meeting Image

Jan 23, 2015

At its educational meeting yesterday, the EITF discussed Issues on the following topics: (1) application of the normal purchases and normal sales (NPNS) scope exception to certain electricity contracts in nodal energy markets (Issue 15-A) and (2) simplifications to the accounting for employee benefit plans, including defined benefit plans, defined contribution plans, and welfare plans (Issue 15-C).

Regarding Issue 15-A, the FASB staff provided background on the development of nodal industry markets as well as both general and industry-specific criteria that a contract for the physical delivery of electricity would need to meet to qualify for the NPNS scope exception and thus be excluded from the scope of derivative accounting under ASC 815. In discussing Issue 15-C, the staff gave an overview of the various plan types and detailed the feedback it has received to date regarding the simplification of certain aspects of disclosing and measuring such plans.

The next EITF meeting is scheduled for March 19, 2015. For additional information, see the EITF section of the FASB’s Web site.

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