FASB Holds March 24 Meeting

At its March 24, 2021, meeting, the FASB ratified the Emerging Issues Task Force (EITF) consensus on Issue No. 19-C, “Issuer’s Accounting for Certain Modifications of Freestanding Equity Classified Forwards and Options,” and directed its staff to draft a final Accounting Standards Update (ASU) for a vote by written ballot. The Board also decided to remove the project based on Issue No. 19-B, “Revenue Recognition: Contract Modifications of Licenses of Intellectual Property,” from its technical agenda and instead will consider it as part of the post-implementation review of ASC 606, Revenue From Contracts With Customers.

In addition, the Board discussed its project on consolidation of a not-for-profit entity by a for-profit sponsor and decided to remove this project from its technical agenda.

For more information, see Deloitte’s EITF Snapshot as well as the tentative Board decisions on the FASB’s Web site.