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Highlights from the FASB’s July 9 meeting

  • FASB meeting Image

Jul 10, 2015

At its July 9, 2015, meeting, the FASB (1) discussed its projects on the disclosure framework, the definition of a business, and revenue recognition and (2) ratified several EITF consensuses and consensuses-for-exposure:

  • Disclosure framework — The FASB discussed potential changes to the fair value measurement disclosure requirements and made tentative decisions related to the disclosure requirements for private company defined benefit plan sponsors. See De­loitte's related journal entry and the meeting minutes on the FASB's Web site for more in­for­ma­tion.
  • Clarifying the definition of a business — The FASB instructed its staff to begin drafting a proposed ASU on clarifying the definition of a business. In addition, while the Board did not discuss an effective date, it tentatively decided that the proposal would be applied prospectively upon adoption. See De­loitte's related journal entry and the meeting minutes on the FASB's Web site for more in­for­ma­tion.
  • Revenue recognition: deferral of the effective date of ASU 2014-09 — The FASB affirmed its proposal to defer for one year the effective date of its new revenue standard (Accounting Standards Update (ASU) No. 2014-09,) Revenue From Contracts With Customers for public and nonpublic entities. The FASB also affirmed that all entities would be permitted to early adopt the standard as of the ASU’s original effective date. See De­loitte's related Heads Up for more in­for­ma­tion.
  • Ratification of EITF consensuses and tentative conclusions — The FASB voted to issue as final ASUs the EITF’s final consensuses related to (1) the application of the normal purchases and normal sales scope exception to certain electricity contracts and (2) employee benefit plan simplifications. In addition, the FASB agreed to issue as proposed ASUs the EITF’s consensuses-for-exposure related to (1) the effect of derivative contract novations on existing hedge accounting relationships and (2) contingent put and call options in debt instruments.

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

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