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Highlights of the FASB’s September 5 meeting

  • FASB meeting Image

Sep 07, 2018

At its September 5, 2018, meeting, the FASB discussed its projects on (1) Codification improvements to the guidance on financial instruments and (2) variable interest entities.

Codification improvements to guidance on financial instruments

The Board decided to amend various aspects of the following guidance:

  • ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities.
  • ASU 2016-13, Measurement of Credit Losses on Financial Instruments.
  • ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities.

The Board directed its staff to draft a proposed ASU for a vote by written ballot that would include amendments to the above guidance as well as changes proposed by the FASB’s transition resource group on credit losses. For more information, see Deloitte's related journal entry as well as the tentative Board decisions on the FASB’s Web site.

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

The FASB “decided that a private company reporting entity cannot apply the private company accounting alternative to a legal entity in which it has a direct or indirect controlling financial interest when considering the General Subsections of Topic 810.” The Board directed its staff to continue 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

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