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Highlights from the FASB’s November 1 meeting

  • FASB meeting Image

Nov 02, 2017

At its November 1, 2017, meeting, the FASB discussed its projects on (1) long-duration insurance contracts, (2) the disclosure framework, and (3) Codification improvements.

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 on market risk benefits, presentation, and disclosure requirements.

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

Disclosure framework — Board’s decision process

The Board made tentative decisions related to issues in its proposed Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements, and directed the staff to draft the chapter for external review.

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

Codification improvements — elimination of guidance on U.S. steamship entities

The Board discussed comments received on its proposed ASU, Technical Corrections and Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995, and affirmed its decision to supersede ASC 995. The Board directed the staff to draft a final 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.