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Highlights from the FASB’s October 19 meeting

  • FASB meeting Image

Oct 20, 2016

At its October 19, 2016, meeting, the FASB discussed its projects on (1) simplifying the balance sheet classification of debt; (2) technical corrections and improvements to Accounting Standards Update No. 2014-09, “Revenue From Contracts With Customers”; and (3) technical corrections and improvements to the Codification.

Simplifying the balance sheet classification of debt

The FASB dis­cussed feedback received from stakeholders and made ten­ta­tive de­ci­sions about the project’s direction as well as about presentation, disclosures, waiver fees, the probability assessment related to waivers of debt covenant violations, and transition. In addition, the Board directed the staff to draft a proposed ASU for a vote by written ballot.

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

Technical corrections and improvements to ASU 2014-09

The FASB redeliberated and discussed comments received on its May 2016 and September 2016 proposed ASUs on technical corrections and improvements to the new revenue standard. The Board affirmed certain decisions related to these proposals and directed the staff to draft a final ASU for a vote by written ballot.

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

Technical corrections and improvements to the Codification

The FASB dis­cussed com­ments re­ceived on its pro­posed ASU Technical Corrections and Improvements; affirmed its decision to require disclosure of a change in valuation approach, valuation technique, or both; decided to expose for public comment a technical correction; and made decisions about the transition and effective date. In ad­di­tion, the Board di­rected the staff to draft a final ASU for a vote by written ballot.

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.