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Highlights from the FASB’s January 6 meeting

  • FASB meeting Image

Jan 07, 2016

At its January 6, 2016, meeting, the FASB discussed (1) revenue recognition, (2) the definition of a business, and (3) goodwill impairment.

Revenue recognition — identifying performance obligations and licensing

The FASB discussed guidance on license restrictions and license renewals in connection with its forthcoming ASU on identifying performance obligations and licensing. No decisions were made.

For more information, see the meeting minutes on the FASB’s Web site.

Definition of a business (phase 2) — clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets

The FASB made tentative decisions about (1) the scope of ASC 610-20, (2) the partial sales model, (3) accounting for transactions in which control is not transferred, (4) the seller’s liability, (5) groups of assets or subsidiaries that are not a business, and (6) in-substance nonfinancial assets.

For more information, see the meeting minutes on the FASB’s Web site.

Accounting for goodwill impairment

The FASB made tentative decisions about (1) reporting units with zero or negative carrying amounts, (2) disclosures, and (3) transition disclosures. The Board directed its staff to begin drafting 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.