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Highlights from the FASB’s October 5 meeting

  • FASB meeting Image

Oct 07, 2016

At its October 5, 2016, meeting, the FASB (1) ratified an Emerging Issues Task Force (EITF) consensus and consensus-for-exposure and (2) decided to amend the scope of modification accounting in its stock compensation guidance.

Ratification of EITF consensus and tentative conclusion

The Board approved the EITF consensus on Issue No. 16-A, “Restricted Cash,” and directed the FASB staff to draft a proposed ASU for a vote by written ballot.

In addition, the Board approved the EITF consensus-for-exposure on Issue No. 16-C, “Accounting for Service Concession Arrangements.”

For more information, see Deloitte’s September 2016 EITF Snapshot as well as the meeting minutes on the FASB’s Web site.

Stock compensation — scope of modification accounting

The Board decided to amend the scope of modification accounting in ASC 718, Compensation — Stock Compensation, and made tentative decisions on the related disclosures and transition. The Board directed its staff to draft a proposed ASU, which is expected to be issued later this year.

For more information, see Deloitte’s 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.