This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Highlights of the FASB’s January 23 meeting

  • FASB meeting Image

Jan 24, 2019

At its January 23, 2019, meeting, the FASB discussed its projects on (1) credit losses — targeted transition relief, (2) disclosure review — income taxes, and (3) simplifying the balance sheet classification of debt.

Financial instruments — credit losses — targeted transition relief

The Board discussed the scope and transition guidance for a proposed ASU that would allow entities, upon adopting ASC 326, Financial Instruments — Credit Losses, to irrevocably elect the fair value option for certain financial assets and tentatively decided to “exclude debt securities classified as held-to-maturity from the scope.” The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

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

Disclosure framework: disclosure review — income taxes

The Board continued redeliberating its July 2016 proposed ASU, Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes, and tentatively decided that an entity would not be required to disclose either of the following:

  • The “amount of the transition tax liability resulting from the Tax Cuts and Jobs Act and the line item in the statement of financial position in which the liability is presented.”
  • A “description of a legally enforceable agreement with a government, including the duration of the agreement, the commitments made with the government under that agreement, and the amount of benefit that reduces or may reduce its income tax burden.”

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

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 discussed whether contractual linkage between certain debt arrangements and unused long-term financing arrangements in place as of the balance sheet date should affect classification.

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.