FASB Holds December 16 Meeting

At its December 16, 2020, meeting, the FASB discussed its projects on the following topics:

• Identifiable intangible assets and subsequent accounting for goodwill — The Board made tentative decisions related to goodwill amortization periods, methods for an impairment-with-amortization model, and evolving amortization models.
• Disclosure framework: Disclosures — interim reporting — The Board tentatively decided not to remove specific disclosure requirements from ASC 270, Interim Reporting. The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

In addition, the FASB announced a change in the objective and scope of its project on disclosure review — intangibles and updated its research agenda to remove the following projects:

• Disclosure Review — Share-Based Payment.
• Disclosure Review — Foreign Currency.
• Income Taxes — Backwards Tracing.
• Inventory and Cost of Sales.
• Variable Interest Entity Related Party Guidance.