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Highlights from the FASB’s April 1 meeting

  • FASB meeting Image

Apr 02, 2015

At its April 1, 2015, meeting, the FASB discussed its projects on (1) revenue recognition and (2) cash flows.

  • Revenue recognition — The FASB tentatively decided to defer for one year the effective date of FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, for public and nonpublic entities reporting under U.S. GAAP. For more information, see Deloitte’s related Heads Up.
  • Cash flows — The FASB deliberated how to proceed with its project on clarifying certain existing cash flow classification principles in FASB Accounting Standards Codification Topic 230, Statement of Cash Flows. The Board tentatively decided to add the identified cash flow classification practice issues to the EITF’s agenda so that the Task Force can develop illustrative guidance or Q&As to resolve them. The Board also tentatively decided to add a research project to its agenda to improve its cash flow classification guidance (the research would not, however, address whether to mandate use of the direct method in the statement of cash flows). For more information, see Deloitte’s related journal entry.

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.