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Highlights from the FASB’s February 22 meeting

  • FASB meeting Image

Feb 23, 2017

At its February 22, 2017, meeting, the FASB discussed its project on modification accounting under ASC 718 and revenue recognition of grants and contracts by not-for-profit entities.

Scope of modification accounting under ASC 718

The Board dis­cussed com­ments re­ceived on its November 2016 pro­posed ASU, Scope of Modification Accounting. The Board reaffirmed the proposed guidance and authorized its staff to draft a final ASU for a vote by written ballot.

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

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

The Board (1) discussed how the guidance on distinguishing between conditional and unconditional contributions could be improved and (2) tentatively decided to update the definition of a donor-imposed condition.

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.