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Development-stage entities

The objective of this project is to reduce cost and complexity in the financial reporting system by eliminating inception-to-date information from the financial statements of development-stage entities (DSEs). As part of the project, the FASB staff will research potential additional disclosures that could result in increased relevance for users of DSE financial statements.

 

Meeting minutes

Board discussions regarding this project are found in the following meeting minutes:

  • February 26, 2014 — The Board reaffirmed its position to remove the concept of a DSE from U.S. GAAP.
  • September 11, 2013 — The Board decided to issue a proposed Accounting Standards Update (ASU) on DSEs that would be applicable to financial statements issued after the effective date, with the option of early adoption.
  • July 16, 2013 — Agenda announcement.

 

Current status

On June 10, 2014, the FASB has issued a final ASU to remove the concept of a DSE from U.S. GAAP. 

 

Project milestones

DateDevelopmentsComments
July 16, 2013 Added to the FASB's agenda.
November 7, 2013 Proposed ASU, Elimination of Certain Financial Reporting Requirements. Comment deadline December 23, 2013.
June 10, 2014 FASB Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915) — Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.

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.