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Highlights of the FASB’s February 7 meeting

  • FASB meeting Image

Feb 09, 2018

At its February 7, 2018, meeting, the FASB discussed (1) reclassification of certain tax effects from accumulated other comprehensive income, (2) collaborative arrangements, (3) disclosure requirements related to fair value measurement, (4) cloud computing arrangements, and (5) segment reporting.

Reclassification of certain tax effects from accumulated other comprehensive income

The Board discussed feedback received on its proposed ASU Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income and tentatively decided to permit, but not require, entities to reclassify stranded tax effects related to the application of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. The FASB directed its staff to draft a final ASU for a vote by written ballot. The ASU is expected to be issued no later than February 16, 2018.

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

Collaborative arrangements — targeted improvements

The Board tentatively decided to (1) retain the scope of the project, (2) require entities to apply the amendments by using a retrospective approach, and (3) not require additional recurring disclosures. In addition, the Board directed its 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.

Disclosure framework: disclosure review — fair value measurement

The Board continued deliberating its proposed ASU Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement and made tentative decisions related to disclosures of Level 3 rollforwards, changes in unrealized gains and losses, and measurement uncertainty.

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

Cloud computing — ratification of EITF consensus-for-exposure

The Board ratified the EITF’s consensus-for-exposure on Issue No. 17-A, “Customer’s Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement That Is Considered a Service Contract,” and directed the staff to draft a proposed ASU for a vote by written ballot.

For more in­for­ma­tion, see Deloitte’s January 2018 EITF Snapshot as well as the meeting minutes on the FASB’s Web site.

Segment re­port­ing

The Board discussed alternatives for simplifying the segment aggregation criteria and disclosure requirements. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Correction list for hyphenation

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