Highlights of the FASB’s January 22 Meeting
January 24, 2020
At its January 22, 2020, meeting, the FASB discussed (1) accounting by a joint
venture for nonmonetary assets contributed by investors, (2) the conceptual
framework (elements), and (3) hedging — last-of-layer method.
Accounting by a Joint Venture for Nonmonetary Assets Contributed by Investors
The Board began initial deliberations and directed its staff to continue researching
“alternatives for recognizing and measuring nonmonetary assets contributed to a
joint venture.”
Conceptual Framework — Elements
The Board continued deliberating the elements chapter of the Conceptual Framework.
Specifically, the Board discussed how to define various elements, including
revenues, expenses, gains, losses, investments by owners, and distributions to
owners.
The Board directed its staff to begin drafting a proposed Concepts Statement chapter
on elements of financial statements for a vote by written ballot.
Hedging — Last-of-Layer Method
The Board made several decisions related to disclosures and transition. The FASB
staff will perform an external review and notify the Board about (1) any additional
issues and (2) its cost-benefit analysis.
More Information
For more information, see the tentative Board decisions on the FASB’s Web site.