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Highlights from the FASB’s June 8 meeting

  • FASB meeting Image

Jun 10, 2016

At its June 8, 2016, meeting, the FASB discussed its projects on government assistance disclosures and the income tax disclosure requirements.

Government assistance disclosures

The FASB began redeliberating its proposed Accounting Standards Update (ASU) Disclosures by Business Entities About Government Assistance and made tentative de­ci­sions related to scope, disclosures, and legal restrictions.

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

Dis­clo­sure review — income taxes

The FASB continued redeliberating its proposed income tax disclosure requirements. Topics discussed included the disaggregation of indefinitely reinvested foreign earnings, carryforward disclosures, and disclosures required for public business entities versus those required for other entities. The FASB has directed its staff to begin drafting a proposed ASU for a vote by written ballot.

For more in­for­ma­tion, see Deloitte's related journal entry as well as 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.