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Highlights of the September 2018 FASAC meeting

  • FASAC meeting Image

Oct 03, 2018

At its September 25, 2018, meeting, the FASB’s Financial Accounting Standards Advisory Council (FASAC) discussed (1) tax reform and income tax disclosures, (2) the SEC’s disclosure update and simplification, and (3) accounting and reporting alternatives within GAAP.

Tax reform and income tax disclosures

The FASAC discussed the relevancy of certain disclosures in GAAP and the FASB’s proposed ASU Disclosure Framework — Changes to Disclosure Requirements for Income Taxes. In addition, the council decided that disclosures required by provisions in the Tax Cuts and Jobs Act are unnecessary.

SEC’s disclosure update and simplification

FASAC members asked the FASB to conduct preagenda research on:

1. Whether specific disclosures should be incorporated into GAAP
2. Which organizations should be required to provide the disclosures (public companies only, all organizations, certain sized organizations, or some other combination), and
3. The expected costs and benefits.
4. Some FASAC members indicated their preference to have the financial statement disclosure requirements in one place to promote consistency and uniformity.

Accounting and reporting alternatives within GAAP

The FASAC dis­cussed transition and effective date alternatives for recently issued guidance.

For more in­for­ma­tion, see the meeting recap 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.