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Highlights from the FASB’s November 2 meeting

  • FASB meeting Image

Nov 04, 2016

At its November 2, 2016, meeting, the FASB discussed whether to add a project on consolidation to its technical agenda. In addition, the Board discussed its project on pension and postretirement benefit costs.

Consolidation

The FASB decided to add to its agenda a project in which it would (1) reorganize the consolidation guidance in ASC 810 into separate subtopics on variable interest entities and voting interest entities, (2) rescind the guidance in ASC 810-10-15 that applies to consolidation of entities controlled by contract and ASC 810-30 (on research and development arrangements), and (3) create a new Codification topic, ASC 812, that will completely supersede ASC 810.

The Board directed its staff to prepare a draft of the proposed amendments. For more information, see the meeting minutes on the FASB’s Web site.

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

The FASB dis­cussed staff outreach and research on its proposed ASU Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Board reaffirmed the proposed guidance and authorized its staff to draft a final ASU.

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

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