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Highlights from the FASB’s November 19 meeting

  • FASB meeting Image

Nov 20, 2015

At its November 19, 2015, meeting, the FASB discussed the equity method and long-duration insurance contracts.

Equity method

The FASB discussed feedback received on its proposed Accounting Standards Update (ASU) Simplifying the Equity Method of Accounting and made tentative decisions related to (1) the elimination of basis differences, (2) retrospective application of the equity method, (3) transition and transition-related disclosures, and (4) the standard’s effective date and early application. In addition, the Board directed its staff to draft a final ASU that will eliminate the requirement for an entity to retrospectively adopt the equity method if an investment qualifies for the equity method as a result of an increase in the level of ownership interest.

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

Insurance — targeted improvements to the accounting for long-duration contracts

The FASB tentatively decided to clarify and revise certain requirements related to its proposed accounting model for certain types of long-duration contracts.

For more in­for­ma­tion, see De­loitte’s related journal entry and 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.