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FASB discusses Codification improvements

  • FASB meeting Image

Nov 01, 2019

At its October 30, 2019, meeting, the FASB discussed proposed technical corrections to and minor clarifications of the Codification.

The Board made decisions related to the following terms in the ASC master glossary:

  • Expected losses and expected residual returns.
  • Financial instrument.
  • Transaction.
  • Cash balance plan.

The Board considered the effective date and transition requirements of ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, and ASU 2016-13, Measurement of Credit Losses on Financial Instruments, before directing its staff to begin drafting a proposed ASU for a vote by written ballot.

For more information, see the tentative Board decisions 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.