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Highlights from the FASB’s March 11 meeting

  • FASB meeting Image

Mar 13, 2015

At its March 11, 2015, meeting, the FASB discussed its projects on (1) impairment and (2) short-duration insurance contracts.

  • Financial instruments: impairment — The FASB made tentative decisions related to transition requirements for debt securities, purchased credit-impaired assets and all other assets, and disclosures. This meeting represents the substantial completion of the project. The Board directed the staff to draft a final ASU to obtain stakeholder feedback on the revised guidance. For an overview of the tentative decisions reached in the impairment project, see Deloitte’s related Heads Up newsletter. For more information, see the meeting minutes on the FASB’s Web site.
  • Insurance: disclosures about short-duration contracts — The FASB made tentative decisions about whether (1) disclosures about claims development should be presented as required supplementary information, (2) tentative disclosure requirements for claim count information should be amended, (3) incurred but not reported amounts presented in the claims development tables should also include amounts for expected development related to reported claims, and (4) effective dates. In addition, the Board directed the staff to draft a final ASU for a vote by written ballot. For more information, see Deloitte’s related 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.