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Highlights from the FASB’s March 18 meeting

  • FASB meeting Image

Mar 20, 2015

At its March 18, 2015, meeting, the FASB discussed its conceptual framework project and reviewed potential projects that may be added to its technical agenda. In addition, the FASB (jointly with the IASB) continued to discuss issues related to implementing the revenue standard.

  • Revenue recognition research projects — The FASB and IASB both voted to propose practical expedients upon transition. In addition, the FASB made tentative decisions related to (1) sales tax presentation, (2) noncash consideration, and (3) collectibility. For more information, see Deloitte’s related Heads Up.
  • Agenda prioritization— The FASB voted to do the following:
    • Add these projects to its agenda:
      • Accounting for interest income on callable debt securities.
      • Simplifying the equity method of accounting.
      • Accounting for measurement-period adjustment in a business combination.
    • Add these issues to the EITF’s agenda:
      • Effect of derivative contract novations on existing hedge accounting relationships.
      • Accounting for embedded put and call options in debt instruments.
    • Not to address these issues:
      • Income statement presentation of credit card and other payment processing costs.
      • Accounting for reacquired rights in a business combination.
      • Balance sheet offsetting of payables and receivables arising from securities lending transactions that are cleared through a regulated central counterparty and subject to a master netting arrangement.
  • Conceptual framework: measurement — The FASB discussed a concept for use in determining the initial carrying amounts of assets and liabilities. No tentative decisions were made.

In addition, the FASB has provided its tentative decisions notes regarding this meeting on its Web site.

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