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Highlights of the FASB’s June 6 meeting

  • FASB meeting Image

Jun 08, 2018

At its June 6, 2018, meeting, the FASB discussed its projects on (1) long-duration insurance contracts, (2) distinguishing liabilities from equity, and (3) variable interest entities.

Insurance — targeted improvements to the accounting for long-duration contracts

The Board redeliberated its proposed ASU, Targeted Improvements to the Accounting for Long-Duration Contracts, and made tentative de­ci­sions about the discount rate for transition, effective date and early adoption, and market risk benefits. The Board directed its staff to draft a final ASU for a vote by written ballot.

For more in­for­ma­tion, see Deloitte’s related journal entry as well as the tentative Board decisions on the FASB’s Web site.

Distinguishing liabilities from equity (including convertible debt)

The Board dis­cussed the direction of the project on convertible instruments and whether instruments are indexed to an entity’s own stock.

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

Consolidation — targeted improvements to related-party guidance for variable interest entities

The Board discussed transition guidance related to the private-company accounting alternative and directed its staff to proceed with 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.