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Highlights from the FASB’s August 31 meeting

  • FASB meeting Image

Sep 01, 2015

At its August 31, 2015, meeting, the FASB (1) reaffirmed its decisions on narrow-scope revenue topics and (2) endorsed the PCC consensuses-for-exposure on identifiable intangible assets.

Narrow-scope revenue topics

The FASB (1) reaffirmed its previous tentative decisions about collectibility and completed contracts upon transition and (2) directed its staff to draft a proposed Accounting Standards Update (ASU) on certain implementation issues related to ASU 2014-09, Revenue From Contracts With Customers.

For more in­for­ma­tion, see Deloitte’s related journal entry and the meeting minutes on the FASB’s Web site.

FASB en­dorse­ment of PCC consensuses-for-exposure

The FASB has en­dorsed the PCC’s consensuses-for-exposure on:

  • Assessing the preferability of private-company accounting alternatives.
  • Extending transition guidance beyond the effective date for electing private-company accounting alternatives.

The FASB staff will prepare a draft of a proposed ASU for a vote by written ballot. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

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.