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Highlights from the FASB’s August 24 meeting

  • FASB meeting Image

Aug 26, 2016

At its August 24, 2016, meeting, the FASB discussed its projects on (1) pension and net periodic postretirement benefit cost, (2) the definition of a business, (3) inventory disclosures, and (4) consolidation.

Improving the presentation of net periodic pension cost and net periodic postretirement benefit cost

The FASB discussed comments received on its January 2016 proposed ASU Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. No tentative decisions were made. For more information, see the meeting minutes on the FASB’s Web site.

Clarifying the definition of a business

The FASB continued redeliberating its November 2015 proposed ASU Clarifying the Definition of a Business and affirmed its positions related to (1) the proposed threshold test, (2) substantive processes, and (3) the definition of outputs. For more information, see the meeting minutes on the FASB’s Web site.

Disclosure framework — disclosure review: inventory

The FASB discussed potential changes to inventory disclosure requirements. No technical decisions were made. For more information, see the meeting minutes on the FASB’s Web site.

Consolidation — interests held through related parties that are under common control

The FASB discussed comments received on its June 2016 proposed ASU Interests Held Through Related Parties That Are Under Common Control and made tentative decisions related to scope, indirect interests, transition, effective date, and cost-benefit analysis. The Board directed the staff to begin drafting an 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.