Heads Up — FASB Authorizes Staff to Draft Final Standard on Joint Venture Formations

Published on: 11 May 2023

This Heads Up discusses the FASB’s decision at its April 5, 2023, meeting to authorize its staff to draft a final Accounting Standards Update that will establish a new basis of accounting for most entities that meet the definition in ASC 323 of a joint venture. The new guidance will (1) require a joint venture to initially measure its assets and liabilities at fair value upon the formation date and (2) permit the joint venture to apply measurement-period guidance in accordance with ASC 805.


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