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Highlights from the FASB’s June 1 meeting

  • FASB meeting Image

Jun 02, 2016

At its June 1, 2016, meeting, the FASB discussed its projects on (1) conceptual framework presentation, (2) disclosure review — fair value measurement, and (3) financial statements of not-for-profit entities.

Conceptual framework — presentation

The Board made several decisions related to its proposed chapter on presentation and directed its staff to proceed with drafting a proposed concepts statement for a vote by written ballot. For more information, see the meeting minutes on the FASB's Web site.

Disclosure review — fair value measurement

The FASB discussed comments received on its proposed Accounting Standards Update (ASU) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The Board directed its staff to reach out to investors and other financial statement users regarding the proposed ASU. No decisions were made. For more information, see the meeting minutes on the FASB's Web site.

Financial statements of not-for-profit entities

The FASB discussed issues identified during the drafting of the final ASU, including (1) presentation of the net investment return in the statement of activities, (2) inclusion of investment expenses that have been netted against investment return in the analysis of expenses by nature and function, and (3) disclosure of unrealized gains and losses related to equity securities. The final ASU is expected to be issued in the summer of 2016. 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.