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Highlights from the FASB’s October 4 meeting

  • FASB meeting Image

Oct 06, 2017

At its October 4, 2017, meeting, the FASB dis­cussed its pro­jects on (1) credit losses implementation, (2) collaborative arrangements, (3) long-duration insurance contracts, and (4) the disclosure framework.

Financial instruments — credit losses implementation

The Board dis­cussed the estimation of expected future payments on credit card receivables and tentatively decided that it is appropriate for such estimation to take into account either all or a portion of the payment an entity expects to collect from the borrower.

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

Collaborative arrangements — targeted improvements

The Board discussed possible enhancements to the guidance on collaborative arrangements in ASC 808. Specifically, the Board made ten­ta­tive de­ci­sions related to revenue scoping, the unit of accounting, and the nonrevenue model.

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

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

The Board continued deliberating the amendments in its proposed ASU Targeted Improvements to the Accounting for Long-Duration Contracts and made tentative decisions related to participating insurance contracts, deferred acquisition costs, and market risk benefits.

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

Disclosure framework — Board’s decision process

The Board tentatively decided to exclude financial statements of employee benefit plans from the scope of its proposed Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements.

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

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