FASB Holds June 29 Meeting

Statement of cash flows — The Board discussed its preagenda research related to this topic (e.g., feedback from stakeholders on the Board’s June 2021 Invitation to Comment Agenda Consultation (the “2021 ITC”). In addition, FASB Chair Richard Jones decided to add to the Board’s research agenda a project on making targeted improvements to the statement of cash flows.

The Board also addressed its continuing research related to “(1) disaggregation of certain cash flow line items (specifically working capital and amortization/depreciation), (2) developing certain supplementary direct cash flow method disclosures, and (3) certain Codification improvements to Topic 230, Statement of Cash Flows.”

Derivatives and hedging — The Board discussed feedback it has received on the derivatives and hedging standard (ASC 815) in response to the 2021 ITC. No decisions were made at this meeting, but the Board is expected to consider its continuing research related to this topic at a future meeting.