The purpose of the proposed amend­ments is to “provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.”

Comments on the ED are due by June 17, 2019. For more information, see Deloitte’s IFRS in Focus newsletter as well as the press release and ED on the IASB’s Web site.

Topics ad­dressed in the guide’s Q&As include:

• Derivative instruments.
• Disaster-related expenditure-driven grants.
• Irrevocable split-interest agreements.
• Postemployment benefits.
• Tax abatement disclosures.
• Transfers of capital assets within a financial reporting entity.

In ad­di­tion, the im­ple­men­ta­tion guide amends certain Q&As from pre­vi­ously issued imple­men­ta­tion guides. It is effective for reporting periods beginning after June 15, 2019.

For more in­for­ma­tion, see the press release and im­ple­men­ta­tion guide on the GASB’s Web site.

Ms. Polley joined the FAF in 1987 and became president in 2008 and CEO in 2010. She will remain with the FAF until details of a leadership transition are finalized. John W. Auchincloss will serve as acting president until a replacement is made.

For more in­for­ma­tion, see the press release on the FASB’s Web site.

The ASU is intended to clarify and improve “areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement.”

For more information, see our related Heads Up newsletter as well as the press release and ASU on the FASB’s Web site.

The Board discussed an “internal view approach” in which the objective is “to disaggregate income statement expense information based on how management internally views consolidated expenses.” No decisions were made, but the Board directed its staff to begin outreach efforts related to this topic.

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

In addition, the FAF has appointed two new trustees, Mary E. Barth and David H. Lillard.

For more in­for­ma­tion, see the press release on the FAF’s Web site.

Ms. Cosper is currently the FASB’s technical director and chairman of the EITF. She will replace Board member Harold Monk, who resigned from the FASB in May 2018.

For more information, see the press release on the FAF’s Web site.

The application is intended to streamline the extension process for registrants that have previously obtained a confidential treatment order. Such registrants must continue to file extension applications under Rules 406 or 24b-2 if they want to protect confidential information from public release under a Freedom of Information Act request after their original extension order expires.

The short-form application may only be used for exhibits have already been the subject of an order granting confidential treatment and must be filed before the original order expires.

For more information, see the press release on the SEC’s Web site.

Simplifications to accounting for income taxes

The Board decided to add to its agenda a project on simplifying the accounting for income taxes. Decisions made by the Board include those related to transition and to the removal of certain exceptions from ASC 740. 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.

Financial instruments — credit losses — targeted transition relief

The Board discussed comments received on its February 2019 proposed ASU, Targeted Transition Relief for Topic 326, Financial Instruments — Credit Losses. The FASB affirmed its decision to permit an entity to irrevocably elect the fair value option for certain instruments upon adoption of ASC 326, discussed effective date and transition, and concluded that the benefits of the proposed amendments would outweigh the costs.

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

Extending private-company accounting alternatives related to certain identifiable intangible assets and goodwill to not-for-profit entities

The Board discussed comments received on its December 2018 proposed ASU, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities, and 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.

Segment reporting

As part of developing a study on segment disclosures, the Board discussed options to (1) expand the list of required segment disclosures in ASC 280 and (2) require that the disclosures in ASC 280 be reported in a tabular format.

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

The next PCC meeting is sched­uled for June 24–25, 2019. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.