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Highlights of the FASB’s February 14 meeting

  • FASB meeting Image

Feb 16, 2018

At its February 14, 2018, meeting, the FASB discussed its projects on (1) hedging implementation, (2) revenue recognition of grants and contracts by not-for-profit entities, and (3) defined benefit plans.

Financial instruments — hedging implementation

The Board discussed implementation issues related to ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, including questions it has received about the definition of the term “prepayable instruments” and net investment hedges. The Board directed its staff to research a potential technical correction related to the use of the term “prepayable.”

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

Revenue recognition of grants and contracts by not-for-profit entities

The Board redeliberated its August 2017 proposed ASU, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and made decisions related to:

  • Conditional contributions — indicators to describe a barrier.
  • Contributions made by a resource provider.
  • Recurring disclosures by recipients about conditional promises to give.
  • Simultaneous release of a condition and a restriction.
  • Transition.
  • Effective date and early adoption.

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

Disclosure framework — disclosure review: defined benefit plans

The Board discussed feedback received on its January 2016 proposed ASU, Changes to the Disclosure Requirements for Defined Benefit Plans. The Board made decisions related to adding, removing, amending, and retaining certain disclosures.

For more information, see Deloitte's related journal entry as well as 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.