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Highlights from the FASB’s April 7 meeting

  • FASB meeting Image

Apr 09, 2015

At its April 7, 2015, meeting, the FASB discussed its projects on (1) hedging, (2) leases, (3) definition of a business, (4) identifiable tangible assets, (5) goodwill, (6) technical corrections and improvements, and (7) financial statements of not-for-profit entities. The Board also discussed the ratification of EITF consensuses and tentative conclusions.

  • Financial instruments: hedging — The FASB held an educational session to discuss eight issues. No decisions were made.
  • Leases — The FASB decided not to include any alternative guidance for nonpublic business entities in its final leases standard.
  • Clarifying the definition of a business — The Board made tentative decisions on the accounting for partial sales of nonfinancial assets and retained noncontrolling interests. For more information, see Deloitte’s related journal entry.
  • Identifiable intangible assets in a business combination for public business entities and not-for-profit entities — The FASB held an educational session to discuss the progress made on this project.
  • Goodwill for public business entities and not-for-profit entities — The FASB held an educational session to discuss the progress made on this project.  
  • Technical corrections and improvements — The FASB made several decisions related to feedback received on its September 2014 proposed ASU and decided to issue a final ASU.
  • Financial statements of not-for-profit entities — The FASB decided to extend the comment deadline to 120 days for its upcoming ED. The proposed ASU is expected to be issued on April 23, 2015.

For more information on these sessions, see the tentative Board decisions on the FASB’s Web site.

Ratification of EITF consensuses and tentative conclusions

At its meeting, the FASB also approved several EITF consensuses reached at the March 19, 2015, EITF meeting. The following EITF Issues will be released as final ASUs: 

  • Issue No. 14-A, “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.”
  • Issue No. 14-B, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).”

The Board also approved the issuance of proposed ASUs on the following EITF Issues:

  • Issue No. 15-A, “Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts Within Nodal Energy Markets.”
  • Issue No. 15-B, “Recognition of Breakage for Certain Prepaid Stored-Value Cards.”
  • Issue No. 15-C, “Employee Benefit Plan Simplifications.”

For more information, see Deloitte’s EITF Snapshot and the tentative Board decisions on the FASB's Web site.

Correction list for hyphenation

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