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Highlights from the FASB’s August 31 meeting

  • FASB meeting Image

Sep 01, 2016

At its August 31, 2016, meeting, the FASB discussed its projects on (1) technical corrections and improvements to ASU 2014-09, (2) revenue recognition of grants and contracts by not-for-profit entities, and (3) long-duration insurance contracts. In addition, the FASB held an agenda prioritization session.

Technical corrections and improvements — ASU 2014-09

The FASB dis­cussed com­ments re­ceived on its pro­posed ASU Technical Corrections and Improvements to Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). The Board (1) affirmed the amendments related to eight of the issues presented in the proposed ASU and (2) instructed its staff to perform further outreach and research related to the costs versus benefits of the proposed amendments on disclosures about remaining performance obligations. In addition, the FASB discussed additional potential technical corrections that the proposed ASU does not address. For more in­for­ma­tion, see Deloitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.

Revenue recognition of grants and contracts by not-for-profit entities

The FASB discussed improvements to ASC 958 related to distinguishing conditions from restrictions for nonreciprocal transactions. No decisions were made. For more in­for­ma­tion, see Deloitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.

Insurance — targeted improvements to the accounting for long-duration contracts

The FASB discussed the results of its cost-benefit analysis related to this project and directed the staff to begin drafting a proposed ASU for a vote by written ballot. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Agenda prioritization

The FASB decided to add to its agenda new projects on (1) service concession arrangements and (2) the scope of modification accounting for share-based payment arrangements (see Deloitte’s journal entry). Further, the Board directed its staff to conduct additional research on collaborative arrangements. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

 

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