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Highlights from the FASB’s December 14 meeting

  • FASB meeting Image

Dec 16, 2016

At its December 14, 2016, meeting, the FASB discussed its projects on (1) clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets, (2) revenue recognition of grants and contracts by not-for-profit entities, and (3) disclosure framework — entity’s decision process.

Clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets

The Board (1) discussed feedback received on an external review draft of its final Accounting Standards Update (ASU) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, (2) decided to amend parts of its transition guidance, and (3) 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.

Revenue recognition of grants and contracts by not-for-profit entities

The Board continued its deliberations, focusing on improving and clarifying the guidance in ASC 958 on (1) characterizing grants and contracts as reciprocal or nonreciprocal transactions and (2) distinguishing between conditional and unconditional contributions.

For more information, see the meeting minutes on the FASB's Web site.

Disclosure framework — entity’s decision process

The Board discussed comments received on its proposed ASU Assessing Whether Disclosures Are Material and its proposed concepts statement Conceptual Framework for Financial Reporting — Chapter 3: Qualitative Characteristics of Useful Financial Information.

For more information, see the meeting minutes on the FASB's Web site.

Correction list for hyphenation

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