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Highlights from the FASB’s January 20 meeting

  • FASB meeting Image

Jan 22, 2016

At its January 20, 2016, meeting, the FASB discussed (1) technical corrections and improvements and (2) financial performance reporting.

Technical corrections and improvements

The FASB discussed a staff analysis of potential technical corrections, clarifications, and improvements to the FASB Accounting Standards Codification and tentatively decided to propose such changes related to insurance, troubled debt restructurings, fair value measurement, profit recognition, sales of financial assets, cloud-computing arrangements, and transition guidance. The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

In addition, the Board tentatively decided to propose technical corrections and improvements related to revenue (see Deloitte's related journal entry) and consolidations (see Deloitte's related journal entry) and directed its staff to begin drafting two separate proposed ASUs for written ballot.

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

Financial performance reporting

The FASB discussed staff research on possible ways of reporting income statement information by function, by nature, or both, and directed its staff to “evaluate and clarify” the project’s objective. No decisions were made.

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.