FASB Holds July 14 Meeting

At its July 14, 2021, meeting, the FASB decided to add to its agenda projects on (1) troubled debt restructurings for creditors and enhancing certain loan modification disclosures and (2) purchased credit-deteriorated financial assets. The Board also decided to remove its project on inventory disclosure requirements and keep its project on whether gross write-off and recovery information should be presented in vintage disclosures.

In addition, the Board discussed its project on interim reporting disclosures and made tentative decisions on the “form and content of interim financial statements and notes and the applicability of interim disclosure requirements to nonpublic entities.” The Board directed the staff to continue to draft a proposed Accounting Standards Update on this topic for a vote by written ballot.