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Highlights of the FASB’s May 2 meeting

  • FASB meeting Image

May 04, 2018

At its May 2, 2018, meeting, the FASB discussed (1) the Board’s decision process component of its disclosure framework project and (2) revenue recognition of grants and contracts by not-for-profit entities.

Disclosure framework — Board’s decision process

The Board discussed its views on the draft of proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements.

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

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

The Board discussed the substantive external review of, and feedback on, its August 2017 proposed ASU, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The Board made decisions related to the ASU’s effective date and 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.