FASB Discusses Projects on Fair Value Measurement and Income Tax Disclosures
March 24, 2022
At its March 23, 2022, meeting, the FASB discussed its projects on the following topics:
- Fair value measurement of equity securities subject to contractual sale restrictions — The Board discussed the effect of contractual sale restrictions on fair value measurement in its proposed Accounting Standards Update (ASU) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions and affirmed its decisions related to scope and measurement. In addition, the Board made tentative decisions about disclosures, transition, effective date, and a cost-benefit analysis. The Board directed its staff to begin drafting a final ASU for a vote by written ballot.
- Targeted improvements to income tax disclosures — The Board discussed feedback on this project and made tentative decisions related to the scope and objective. The Board directed its staff to begin research on income tax information (income taxes paid and the rate reconciliation table).