This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Highlights from the FASB’s July 27 meeting

  • FASB meeting Image

Jul 28, 2016

At its July 27, 2016, meeting, the FASB discussed its projects on (1) clarifying the definition of a business, (2) callable debt securities, and (3) inventory disclosures.

Clarifying the definition of a business

The FASB discussed feedback on its proposed ASU Clarifying the Definition of a Business. Although no tentative decisions were made at this meeting, the Board directed the staff to research certain aspects of the proposal.

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

Interest income associated with the purchase of callable debt securities

The FASB made tentative decisions on the scope of the amortization change for premiums, transition, and cost-benefit analysis. In addition, the Board determined that further research on interest income disclosures related to purchased financial assets is needed.

The FASB 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.

Disclosure framework — disclosure review: inventory

The FASB discussed the outcome of outreach and research on potential changes to inventory disclosure requirements. No tentative 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.