FASB Discusses Projects on Government Assistance Disclosures, Accounting for Asset Acquisitions and Business Combinations, and Fair Value Measurements
May 27, 2021
At its May 26, 2021, meeting, the FASB discussed its projects on the following topics:
- Disclosures by business entities about government assistance — The Board completed its redeliberations of its proposed Accounting Standards Update (ASU) Disclosures by Business Entities About Government Assistance and directed its staff to draft a final ASU for a vote by written ballot.
- Improving the accounting for asset acquisitions and business combinations — The Board continued deliberating the accounting for contingent consideration as of the acquisition date for asset acquisitions and business combination.
- Fair value measurement of equity securities subject to contractual sale restrictions — The Board decided to amend ASC 820, Fair Value Measurement, to clarify that lock-up agreements are entity-specific and are not a part of the unit of account in the fair value measurement of equity securities. The FASB directed its staff to draft a proposed ASU for a vote by written ballot.