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Highlights from the FASB’s November 9 meeting

  • FASB meeting Image

Nov 11, 2016

At its November 9, 2016, meeting, the FASB discussed its projects on (1) clarifying the definition of a business and (2) when a not-for-profit entity (NFP) that is a general partner should consolidate a for-profit limited partnership or similar entity.

Clarifying the definition of a business

The FASB redeliberated its proposed ASU Clarifying the Definition of a Business and made tentative decisions about an entity’s ability to early adopt the forthcoming amendments to the definition of a business. 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.

Not-for-profit entities: consolidation

The FASB dis­cussed feedback received on its pro­posed ASU Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity. The Board affirmed its previous tentative decision to maintain current practice for not-for-profit general partners and made tentative decisions on transition disclosures, effective date, and cost-benefit analysis. In addition, the Board 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.

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.