FASB Holds July 28 Meeting
July 30, 2021
At its July 28, 2021, meeting, the FASB discussed its projects on the following topics:
- “Recognition and measurement of revenue contracts with customers under Topic 805” — The Board discussed feedback on its proposed Accounting Standards Update (ASU), Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, and made tentative decisions related to recognition and measurement, scope, disclosures and transition, and the effective date of the proposed guidance. In addition, the Board directed the staff to draft a final ASU for a vote by written ballot.
- “Revenue recognition (post-implementation)” — The Board discussed feedback received related to its postimplementation review of ASC 606. The staff will continue to conduct research and perform outreach. No decisions were made.
- “Conceptual framework — elements” — The Board discussed feedback on proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 4, Elements of Financial Statements, and directed the staff to draft a final chapter for a vote by written ballot.