FASB Endorses Private Company Council Consensus and Discusses Joint Venture Formations Project

At its August 4, 2021, meeting, the FASB endorsed the Private Company Council’s consensus on Issue No. 2018-01, “Practical Expedient to Measure Grant-Date Fair Value of Equity-Classified Share-Based Awards,” and directed its staff to issue a final Accounting Standards Update on this topic for a vote by written ballot.

In addition, the Board continued deliberating its project on joint venture formations and decided that the project will retain its objectives to “(1) reduce diversity in practice in the accounting for contributions made to a joint venture upon formation in a standalone joint venture’s financial statements and (2) provide useful financial reporting information to financial statement users.”

For more information, see the tentative Board decisions on the FASB’s Web site.