Highlights of the FASB’s September 18 Meeting
September 19, 2019
At its September 18, 2019, meeting, the FASB discussed (1) agenda prioritization, (2) proposed improvements to its guidance on credit losses, and (3) interim reporting disclosure requirements.
Agenda Prioritization
The Board made decisions about the following projects:
- Accounting for modifications of equity-classified warrants — The Board decided to add this project to the EITF’s agenda.
- Accounting by a joint venture for contributions of nonmonetary assets by the venturers — The Board decided to add this project to its technical agenda.
- Acquired financial assets in a business combination that do not meet the definition of purchased financial assets with credit deterioration — The Board decided not to add this project to its agenda.
- Recognition and measurement of interest income — The Board decided not to add this project to its agenda.
For more information, see the tentative Board decisions on the FASB’s Web site.
Proposed Improvements to Guidance on Credit Losses
The Board discussed feedback received on its June 2019 proposed ASU Codification Improvements to Topic 326, Financial Instruments — Credit Losses. The Board affirmed several decisions related to the project and directed its staff to draft a final ASU for a vote by written ballot.
For more information, see Deloitte's related journal entry as well as the meeting minutes on the FASB’s Web site.
Interim Reporting Disclosure Requirements
The Board decided to incorporate a “high-level principle” related to interim disclosures into ASC 270, Interim Reporting. This principle is based on a passage that has been removed from SEC Regulation S-X, Rule 10-01, Interim Financial Statements. The Board directed its staff to reassess the interim reporting disclosure requirements by performing research and outreach.
For more information, see the tentative Board decisions on the FASB’s Web site.