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Highlights from the FASB’s November 30 meeting

  • FASB meeting Image

Dec 02, 2016

At its November 30, 2016, meeting, the FASB discussed its projects on (1) share-based payment, (2) the conceptual framework, (3) goodwill impairment, and (4) leases. In addition, the FASB ratified the EITF’s consensus on Issue No. 16-B, “Employee Benefit Plan Master Trust Reporting.”

Improvements to the accounting for share-based payment arrangements with nonemployees

The FASB discussed feedback related to an external fatal-flaw review of a draft of its proposed Accounting Standards Update (ASU) on improving the accounting for share-based payment arrangements with nonemployees. The proposal is expected to be issued in the first quarter of 2017 for a 90-day comment period.

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

Conceptual framework — measurement

The FASB discussed initial measurements and directed its staff to revise its project plan to address elements of financial statements. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Accounting for goodwill impairment

The FASB discussed transition and private-company issues related to its proposed ASU on simplifying the accounting for goodwill impairment and 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.

Leases

The staff provided the Board with an update on implementation questions and feedback on ASU 2016-02, Leases. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Ratification of EITF consensus

The FASB ratified the EITF’s consensus on Issue 16-B and directed the FASB staff to draft a proposed ASU for a vote by written ballot.

For more in­for­ma­tion, see Deloitte’s November 2016 EITF Snapshot as well as the meeting minutes on the FASB’s Web site.

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