Highlights of the FASB’s May 8 Meeting
May 13, 2019
At its May 8, 2019, meeting, the FASB discussed (1) agenda prioritization and (2) its project on Codification improvements to hedge accounting.
The Board discussed the results of staff research and decided to add two projects to the EITF’s agenda: (1) a financial instruments project on clarifying the interactions between ASC 321 and ASC 323 and (2) a revenue recognition project on contract modifications of licenses of intellectual property. In addition, the Board decided to expand the scope of its project on improving the accounting for asset acquisitions and business combinations.
For more information, see Deloitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.
Codification Improvements — Hedge Accounting
The Board discussed ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, and made tentative decisions related to hedged risk in a cash flow hedge, contractually specified components, dual fair value and net investment hedges, the use of the term “prepayable” under the shortcut method, and transition guidance.
For more information, see Deloitte's related journal entry as well as the meeting minutes on the FASB’s Web site.