Technical corrections and improvements — ASU 2016-14
The FASB affirmed its October 2016 proposal to remove a wording error in ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, related to endowment reporting.
For more information, see the meeting minutes on the FASB’s Web site.
Disclosure framework — inventory
The FASB tentatively decided that entities that apply the retail inventory method would be required “to qualitatively and quantitatively disclose the critical assumptions used in their calculation of the cost of inventory” under this method.
For more information, see the meeting minutes on the FASB’s Web site.
Agenda prioritization
The FASB tentatively decided:
- To add a project clarifying “when transactions between partners in a collaborative arrangement . . . should be accounted for as revenue transactions.”
- To ask the EITF to set up a working group to help the Board assess the scope of a potential project on accounting for implementation fees in cloud computing arrangements.
- Not to add a project on foreign currency.
For more information, see the meeting minutes on the FASB’s Web site.