FASB Holds October 12 Meeting
October 14, 2022
At its October 12, 2022, meeting, the FASB discussed its projects on the following topics:
- Accounting for and disclosure of crypto-assets — The Board discussed the measurement of crypto-assets and tentatively decided to require entities to (1) measure such assets at fair value under the guidance in ASC 820, (2) recognize “increases and decreases in fair value in comprehensive income each reporting period,” and (3) recognize as an expense certain costs incurred to acquire the assets (e.g., commissions) unless other requirements apply under specialized industry measurement guidance. The Board will address matters related to presentation, disclosure, and transition at a future meeting.
- Financial instruments — credit losses (ASC 326) — acquired financial assets — The Board tentatively decided to replace the term “purchased with credit deterioration” with “purchased financial assets” and made tentative decisions related to the types of assets that would be included within the scope of the purchased financial asset accounting model. The Board will continue its deliberations at a future meeting.
- Agenda prioritization — employee benefit plans — The Board decided not to add to its technical agenda a project on employee benefit plan accounting.
- Agenda consultation — The Board discussed stakeholder feedback it received on its June 2021 invitation to comment Agenda Consultation related to the guidance in ASC 715 on retirement benefits.