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Highlights from the FASB’s February 11 meeting

  • FASB meeting Image

Feb 13, 2015

At its February 11, 2015, meeting, the FASB discussed its projects on (1) revenue recognition (research projects), (2) impairment, and (3) the income taxes disclosure framework.

Revenue recognition research projects  

The FASB held an educational session on revenue recognition research projects related to (1) licenses and (2) identifying performance obligations. Although no tentative decisions were made, the FASB will discuss these projects at its next meeting to decide whether to add them to its technical agenda.

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

Financial instruments — impairment

The FASB continued to redeliberate the disclosure requirements in its proposed credit impairment guidance and made tentative decisions on the following:

  • Available-for-sale debt securities.
  • Rollforward of amortized cost.
  • Rollforward of allowance for expected credit losses.
  • Definition of originations.
  • Financial guarantee contracts.
  • Programmatic loans.
  • Reinsurance receivables.
  • Nonpublic business entities.

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

Disclosure framework — disclosure review: income taxes

The FASB discussed income tax disclosures, particularly those related to unremitted foreign earnings, and made tentative decisions regarding disclosures about foreign earnings, taxes on foreign earnings, unremitted foreign earnings, and indefinitely reinvested foreign earnings.

For more information, see the related Deloitte 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.