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Highlights of the FASB’s June 27 meeting

  • FASB meeting Image

Jun 29, 2018

At its June 27, 2018, meeting, the FASB discussed its projects on (1) consolidation reorganization and targeted improvements and (2) the conceptual framework. In addition, the Board ratified two EITF Issues.

Consolidation reorganization and targeted improvements

The Board discussed feedback received on its proposed ASU, Consolidation (Topic 812): Reorganization, and tentatively decided to continue with the consolidation reorganization project.

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

Conceptual framework — elements

The Board dis­cussed application issues related to the tentative definition of a liability.

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

Ratification of EITF consensus and consensus-for-exposure

The FASB ratified the EITF’s:

  • Consensus 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.”
  • Consensus-for-exposure on Issue No. 18-A, “Recognition Under Topic 805 for an Assumed Liability in a Revenue Contract.”

The FASB directed its staff to draft an ASU and a proposed ASU on the consensus and consensus-for-exposure, respectively, for votes by written ballot.

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

Correction list for hyphenation

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