FASB Holds June 22 Meeting
June 22, 2022
At its June 22, 2022, meeting, the FASB discussed its projects on the following topics:
- Accounting for and disclosure of intangibles — software costs — The Board decided to add a project to its technical agenda to (1) “modernize the accounting for software costs” and (2) “enhance the transparency about an entity’s software costs.” The project’s scope will include the “recognition, measurement, presentation, and disclosure of costs to internally develop or acquire software,” which are currently subject to the guidance in ASC 350-40 and ASC 985-20.
- Accounting for and disclosure of intangibles — The Board discussed preagenda research and made no technical decisions.
- Leases — lease modifications — The Board decided to remove this project from its technical agenda.
- Disclosure of supplier finance program obligations — The Board redeliberated its proposed Accounting Standards Update Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations and made tentative decisions related to the proposal’s scope, rollforward disclosures, interim reporting requirements, early payments to suppliers, and aggregation. In addition, the Board directed its staff to “identify and develop examples of key terms (such as payment terms) for the disclosure requirement on the key terms of a supplier finance program.”
- Agenda consultation — The Board received the staff’s summary of feedback on its June 2021 Invitation to Comment Agenda Consultation related to process improvements.