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Highlights from the FASB’s November 16 meeting

  • FASB meeting Image

Nov 18, 2016

At its November 16, 2016, meeting, the FASB discussed its projects on (1) technical corrections and improvements and (2) disclosure framework — inventory. In addition, the FASB held an agenda prioritization session.

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.

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.