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Highlights from the FASB’s June 7 meeting

  • FASB meeting Image

Jun 09, 2017

At its June 7, 2017, meeting, the FASB discussed its projects on (1) hedging and (2) revenue recognition of grants and contracts by not-for-profit entities.

Financial instruments — hedging

The Board discussed issues related to its September 2016 proposed ASU, including sweep issues, substantive drafting topics, transition, effective date, and early adoption. The Board directed its staff to begin drafting a final ASU for a vote by written ballot. The final ASU is expected to be published in August 2017.

For public entities, the ASU would be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the ASU would be effective for fiscal years beginning after December 15, 2019, and in interim periods within fiscal years, beginning after December 15, 2020. Entities may early adopt the ASU in any interim period or fiscal year after its issuance.

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

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

The Board (1) discussed feedback from external reviewers on a draft of its proposed ASU on clarifying the scope and guidance in ASC 958 (on not-for-profit entities) with respect to contributions received and contributions made and (2) addressed other outstanding issues, including cost-benefit considerations. 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.