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Highlights of the FASB’s November 13 meeting

  • FASB meeting Image

Nov 15, 2019

At its November 13, 2019, meeting, the FASB discussed (1) the measurement and elements phases of its conceptual framework project and (2) reference rate reform.

Conceptual framework — measurement

The Board discussed the potential issuance of an invitation to comment (ITC) on the measurement chapter of the conceptual framework. Although the Board did not make any official decisions on this matter at the meeting, it directed the staff to begin work on the ITC and indicated that it would provide its input as part of the drafting process.

For more in­for­ma­tion, see the tentative Board decisions on the FASB’s Web site.

Conceptual framework — elements

The Board made tentative decisions related to the definitions of the terms “equity” (net assets), “owner,” and “comprehensive income.” In addition, the Board tentatively decided that a future concepts statement should be consistent with the amendments in Accounting Standards Update (ASU) No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities.

For more in­for­ma­tion, see the tentative Board decisions on the FASB’s Web site.

Reference rate reform — facilitation of the effects of the interbank offered rate transition on financial reporting

The Board discussed feedback on its proposed ASU Facilitation of the Effects of Reference Rate Reform on Financial Reporting and tentatively decided to provide “temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting.” The FASB directed its staff to draft a final ASU for a vote by written ballot.

For more in­for­ma­tion, see the press release and tentative Board decisions on the FASB’s Web site.

Correction list for hyphenation

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