Highlights of the FASB’s June 10 Meeting
June 10, 2020
At its June 10, 2020, meeting, the FASB discussed its projects on:
- Insurance accounting implementation — The FASB decided to add a project to its technical agenda to defer the effective date of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, by one year and directed its staff to draft a proposed ASU for a vote by written ballot.
- Distinguishing liabilities from equity (including convertible debt) — The FASB completed its deliberations of its proposed ASU Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity and directed its staff to draft a final ASU for a vote by written ballot.
- Not-for-profit reporting of gifts-in-kind — The FASB discussed feedback on its proposed ASU Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets and directed its staff to draft a final ASU for a vote by written ballot and to conduct a study to “determine if educational efforts are necessary for valuing contributed nonfinancial assets and to monitor how the ASU improves transparency by providing better information to users.”
For more information, see the press release and the tentative Board decisions on the FASB’s Web site.