Highlights of the FASB’s February 27 Meeting
March 1, 2019
At its February 27, 2019, meeting, the FASB discussed its projects on (1) disclosures by business entities about government assistance, (2) Codification improvements related to financial instruments, (3) the conceptual framework, and (4) income tax disclosures.
Disclosures by Business Entities About Government Assistance
The Board continued redeliberating its proposed Accounting Standards Update (ASU) Disclosures by Business Entities About Government Assistance and directed its staff to obtain more information about the potential costs and benefits of a final ASU on this topic.
Codification Improvements — Financial Instruments
The Board discussed feedback on its proposed ASU Codification Improvements — Financial Instruments.
Conceptual Framework — Elements
The Board discussed its working definition of a liability and decided that “all present obligations to transfer assets and obligations to deliver shares sufficient in number to satisfy a determinable or defined obligation should meet the definition of a liability.”
Disclosure Framework: Disclosure Review — Income Taxes
The Board continued redeliberating its July 2016 proposed ASU Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes and made tentative decisions related to disaggregation of “income tax expense and income taxes paid between domestic amounts and foreign amounts.” In addition, the Board decided to issue a revised proposed ASU that would contain all amendments on which decisions have been reached since the issuance of the previous proposal.