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Highlights from the FASB’s April 20 meeting

  • FASB meeting Image

Apr 22, 2016

At its April 20, 2016, meeting, the FASB (1) discussed feedback it has received on its proposed Accounting Standards Update (ASU) on clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets; (2) ratified the consensus of the Emerging Issues Task Force (EITF) on Issue No. 16-A, "Restricted Cash"; and (3) added two projects to its agenda.

Clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets

The FASB discussed feedback it has received from external reviewers on a draft of its proposed ASU, the comment period for the proposed guidance, and the results of its cost-benefit analysis. The Board directed its staff to draft a proposed ASU with a 60-day comment period for vote by written ballot. For more information, see the meeting minutes on the FASB's Web site.

Ratification of EITF tentative conclusion

The FASB voted to approve the consensus-for-exposure reached by the EITF at its March 3, 2016, meeting on Issue No. 16-A, "Restricted Cash," and directed its staff to draft a proposed ASU with a 60-day comment period for vote by written ballot. For more information, see the meeting minutes on the FASB's Web site.

New projects on FASB’s agenda

The FASB decided to add two projects to its agenda:

  • Employee benefit plans — phase 2 — This project will address the lack of presentation and disclosure guidance on employee benefit plans that have investments held in master trusts.
  • Revenue recognition of grants and contracts by not-for-profit entities — This project aims to improve and clarify existing guidance on revenue recognition of grants and contracts by not-for-profit entities.

The FASB decided not to add to its agenda projects on (1) the effects of yieldco dropdown transactions on earnings per share and (2) the presentation of gains and losses from the sale of a business. For more information, see the meeting minutes on the FASB's Web site.

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