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Highlights of the FASB’s July 25 meeting

  • FASB meeting Image

Jul 26, 2018

At its July 25, 2018, meeting, the FASB discussed its projects on (1) narrow-scope improvements to the lessor accounting guidance; (2) implementation of the guidance on credit losses, and (3) targeted improvements to the guidance on collaborative arrangements.

Narrow-scope improvements to lessor accounting guidance

The Board discussed proposed amendments related to several implementation issues associated with FASB Accounting Standards Codification Topic 842, Leases, including sales taxes and other similar taxes collected from lessees, certain lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and nonlease components. The Board directed its staff to draft a proposed ASU for a vote by written ballot.

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

Financial instruments — credit losses

The Board discussed proposed Codification improvements to FASB Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments, and made tentative decisions on (1) the transition and effective date for nonpublic business entities and (2) operating lease receivables. The Board di­rected its staff to draft a proposed ASU for a vote by written ballot.

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

Collaborative arrangements — targeted improvements

The Board dis­cussed feedback received on its proposed ASU Collaborative Arrangements (Topic 808): Targeted Improvements and made tentative decisions on various topics, including scope, unit of account, transactions directly related to third-party sales, presentation, illustrative examples, transition, and effective date. The Board di­rected its staff to draft 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

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