FASB Holds October 7 Meeting
October 9, 2020
At its October 7, 2020, meeting, the FASB discussed its projects on the following topics:
- Reference rate reform — The Board decided to add to its technical agenda a project on refining the scope of ASC 848, Reference Rate Reform, and directed its staff to begin drafting a proposed ASU for a vote by written ballot.
- Segment reporting — The Board discussed alternatives related to “developing a principles-based disclosure requirement that would potentially require public entities to disclose significant segment expense categories by reportable segment.” Ultimately, the Board decided on a requirement “based on the significant segment expense categories that are . . . [r]egularly provided to the chief operating decision maker, and [i]ncluded in the reported measure of segment profit or loss.”