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Highlights from the FASB’s March 8 meeting

  • FASB meeting Image

Mar 10, 2017

At its March 8, 2017, meeting, the FASB discussed its projects on (1) hedging, (2) consolidation reorganization and target improvements, and (3) related-party guidance for variable interest entities (VIEs).

Accounting for financial instruments — hedging

The Board tentatively decided to simplify certain aspects of the application of hedge accounting to (1) “sub-benchmark” interest rate risk hedges and (2) fair value hedges of interest rate risk of prepayable financial assets.

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

Consolidation reorganization and targeted improvements

The Board tentatively decided to draft a proposed ASU that would reorganize the consolidation guidance in ASC 810 and clarify the application of the concept “expected” for external review.

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

Consolidation: targeted improvements to related-party guidance for VIEs

The Board tentatively decided to (1) provide a private-company alternative that exempts private companies under common control from applying the VIE guidance in ASC 810, (2) remove the private-company alternative for leasing arrangements under common control from the VIE guidance, and (3) make certain amendments to the guidance for related parties under common control. The FASB directed its staff to draft a proposed ASU for external review.

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

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