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Highlights from the FASB’s August 2 meeting

  • FASB meeting Image

Aug 04, 2017

At its August 2, 2017, meeting, the FASB discussed its projects on (1) long-duration insurance contracts, (2) leases implementation, and (3) asset acquisitions and business combinations.

Insurance — targeted improvements to the accounting for long-duration insurance contracts

The Board discussed its proposed ASU, Targeted Improvements to the Accounting for Long-Duration Contracts, and made tentative decisions related to the assumptions used in measuring the liability for future policy benefits, discount rate used in measuring this liability, and transition.

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

Leases implementation

The Board made tentative decisions related to land easements and its transition implications in the new leases standard. In addition, the Board directed its staff to draft a proposed 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.

Improving the accounting for asset acquisitions and business combinations

The Board made tentative decisions related to the direction of this project. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Correction list for hyphenation

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