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Highlights from the FASB’s May 21 meeting

  • FASB meeting Image

May 22, 2015

At its May 21, 2015, meeting, the FASB discussed its projects on (1) clarifying the definition of a business and (2) long-duration insurance contracts.

  • Clarifying the definition of a business — The FASB discussed whether to develop a framework for indicating when a set has “inputs and processes that substantively contribute to the ability to create outputs.” For more information, see Deloitte’s related journal entry and the meeting minutes on the FASB’s Web site.
  • Long-duration insurance contracts — The FASB discussed methods for calculating and recording the impact of assumption updates for traditional long-duration, limited-payment, and universal life-type contracts. For more information, see the meeting minutes on the FASB's Web site.

 

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