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Highlights of the FASB’s October 24 meeting

  • FASB meeting Image

Oct 26, 2018

At its October 24, 2018, meeting, the FASB discussed its projects on (1) balance sheet classification of debt, (2) subsequent accounting for goodwill for public business entities and not-for-profit entities (NFPs), and (3) Codification improvements to credit losses.

Simplifying the balance sheet classification of debt

The Board discussed stakeholder feedback on unused long-term financing arrangements. The Board directed its staff to conduct additional research related to unused long-term financing arrangements associated with the classification principle.

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

Accounting for certain identifiable assets in a business combination and subsequent accounting for goodwill for public business entities and NFPs

The Board discussed staff research and analysis related to a potential project on accounting for goodwill and certain intangible assets. The Board decided to add a project to its technical agenda and directed its staff to draft, for a vote by written ballot, a proposed ASU under which the applicability of the amendments in ASU 2014-02 (on accounting for goodwill) and ASU 2014-18 (on accounting for identifiable intangible assets in a business combination) would be extended to NFPs.

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

Codification improvements — financial instruments — credit losses

The Board discussed feedback received on its August 2018 proposed ASU Codification Improvements to Topic 326, Financial Instruments — Credit Losses and reaffirmed two previously made decisions. The Board directed its staff to begin 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

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.