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Highlights of the FASB’s August 22 meeting

  • FASB meeting Image

Aug 23, 2018

At its August 22, 2018, meeting, the FASB discussed its projects on (1) balance sheet classification of debt and (2) the conceptual framework.

Simplifying the balance sheet classification of debt

The Board continued redeliberating its January 2017 proposed ASU, Simplifying the Classification of Debt in a Classified Balance Sheet (Current Versus Noncurrent), and made decisions on the following issues:

  • Classification principle — unused long-term financing arrangements.
  • Grace periods.
  • Effective date.

The Board directed its staff to draft an 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.

Conceptual framework — elements

The Board discussed concepts related to distinguishing liabilities from equity. No decisions were made.

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.