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Highlights of the FASB’s April 11 meeting

  • FASB meeting Image

Apr 12, 2018

At its April 11, 2018, meeting, the FASB discussed its proposed ASUs (1) “Technical Corrections and Improvements to Topic 942, Financial Services — Depository and Lending: Elimination of Certain Guidance for Bad Debt Reserves of Savings and Loans” and (2) “Codification Improvements.”

Elimination of certain outdated special guidance in ASC 942-740 for bad debt reserves of savings and loans

The Board discussed its June 2017 proposed ASU on this topic and made decisions related to:

  • Guidance on the reserve method of accounting.
  • The Comptroller of the Currency’s Banking Circular 202.
  • Effective date and transition.

The Board directed its staff to begin drafting a final ASU for a vote by written ballot.

For more information, see the tentative Board decisions on the FASB’s Web site.

Codification improvements

The Board discussed its October 2017 proposed ASU on this topic and made decisions related to:

  • Offsetting securities borrowed and loaned transactions.
  • Addressing the measurement of carrying value for other investments.
  • Removing the stable value common collective trust fund from the example in ASC 962-325-55-17.
  • Eliminating three issues from the final ASU.
  • Effective date and transition.

The Board directed its staff to begin drafting 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.