Highlights of the FASB’s November 13 Meeting
November 15, 2019
At its November 13, 2019, meeting, the FASB discussed (1) the measurement and
elements phases of its conceptual framework project and (2) reference rate
reform.
Conceptual Framework — Measurement
The Board discussed the potential issuance of an invitation to comment (ITC) on the
measurement chapter of the conceptual framework. Although the Board did not make any
official decisions on this matter at the meeting, it directed the staff to begin
work on the ITC and indicated that it would provide its input as part of the
drafting process.
For more information, see the tentative Board decisions on the FASB’s Web site.
Conceptual Framework — Elements
The Board made tentative decisions related to the definitions of the terms “equity”
(net assets), “owner,” and “comprehensive income.” In addition, the Board
tentatively decided that a future concepts statement should be consistent with the
amendments in Accounting Standards Update (ASU) No. 2016-14, Presentation of
Financial Statements of Not-for-Profit Entities.
For more information, see the tentative Board decisions on the FASB’s Web site.
Reference Rate Reform — Facilitation of the Effects of the Interbank Offered Rate Transition on Financial Reporting
The Board discussed feedback on its proposed ASU Facilitation of the Effects of
Reference Rate Reform on Financial Reporting and tentatively decided to
provide “temporary, optional guidance to ease the potential burden in accounting
for, or recognizing the effects of, reference rate reform on financial reporting.”
The FASB directed its staff to draft a final ASU for a vote by written ballot.
For more information, see the press release and tentative Board decisions on the FASB’s Web site.