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Highlights from the FASB’s October 21 meeting

  • FASB meeting Image

Oct 23, 2015

At its October 21, 2015, meeting, the FASB discussed its disclosure framework project, focusing on disclosures related to (1) income taxes and (2) fair value measurement.

Disclosure review — income taxes

The Board tentatively decided to require disclosures about the following:

  • The fact that (1) “a change in tax law has been enacted” and (2) “it is probable that the change will affect the reporting entity in a future period.”
  • When an entity does not present deferred taxes “as a separate line item in the balance sheet, the line item(s) in which the amount is presented.”
  • Domestic and foreign income taxes paid.
  • “An explanation of the nature and amounts of the valuation allowance recorded and released during the reporting period.”

In addition, the FASB tentatively decided that the rate reconciliation disclosure, which is currently only applies to public entities, should be required for all entities. The Board also decided to make (1) certain additional modifications to the rate reconciliation disclosure requirement and (2) revisions to the carryforward disclosure requirements.

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

Disclosure review — fair value measurement

The Board directed its staff to draft a proposed ASU on fair value measurement disclosures and plans to discuss any outstanding issues after reviewing the draft.

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.