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Highlights from the FASB’s August 30 meeting

  • FASB meeting Image

Sep 06, 2017

At its August 30, 2017, meeting, the FASB discussed its projects on (1) the conceptual framework and (2) improvements to the Codification.

Conceptual framework — elements

The Board tentatively decided to remove the terms “probable,” “future economic benefits,” “sacrifices of economic benefits,” and “past transactions or events” from its revised definitions.

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

Codification improvements

The Board agreed with the proposed amendments and minor clarifications recommended by its staff and di­rected the staff to draft 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.