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Highlights from the FASB’s May 3 meeting

  • FASB meeting Image

May 04, 2017

At its May 3, 2017, meeting, the FASB discussed (1) its conceptual framework project and (2) proposed improvements to industry topics.

Conceptual framework

The Board decided to (1) retain the objective of financial reporting, (2) work concurrently on the measurement and presentation phases of the project, and (3) add a project to its agenda on elements of financial statements. In addition, the Board discussed comment-letter feedback on proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 7, Presentation.

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

Technical corrections and improvements

The Board decided that the guidance in ASC 995, U.S. Steamship Entities, should be superseded and that “all entities should recognize any remaining unrecognized deferred tax liabilities that are related to deposits in statutory reserves in accordance with [ASC] 740, Income Taxes.” The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

The Board also decided to supersede the “transition guidance in [ASC] 942-740 for bad debt reserves of savings and loans (and other qualified thrift lenders) that arose after December 31, 1987.” Guidance related to the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges, will also be superseded. The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

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.