FASB Discusses Projects on Goodwill and Leases
February 11, 2021
At its February 10, 2021, meeting, the FASB discussed its projects on the following topics:
- Goodwill — triggering event assessment alternative for private companies and not-for-profit entities — The Board discussed feedback on its proposed Accounting Standards Update (ASU), Intangibles — Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events, and affirmed its decisions related to the scope, incremental disclosures, one-time election transition election, and time frame of the amendments. The Board directed its staff to begin drafting a final ASU for a vote by written ballot.
- Leases — targeted improvements — The Board discussed feedback on its proposed ASU, Leases (Topic 842): Targeted Improvements, and made tentative decisions related to sales-type leases with variable lease payments (lessor only), options to remeasure a lease liability (lessee only), and modifications to reduce the scope of a lease contract.