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Highlights of the March 2019 FASAC meeting

  • FASAC meeting Image

Apr 04, 2019

At its March 29, 2019, meeting, the FASB’s Financial Accounting Standards Advisory Council (FASAC) discussed the (1) conceptual framework, (2) accounting for highly inflationary economies, and (3) implementation of major standards.

Conceptual framework

The FASAC dis­cussed the role of the conceptual framework and noted that the framework is “most useful as a foundation for the Board in standard setting and as a communication tool.”

Accounting for highly inflationary economies

FASAC members discussed potential improvements to the accounting for highly inflationary economies but suggested that a potential project related to this topic should be a lower priority on the FASB’s agenda.

Implementation of major standards

FASAC members praised the FASB’s efforts to provide implementation guidance and suggested that use of transition resource groups should be expanded to address all future major standards.

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

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