At its October 5, 2022, meeting, the FASB discussed its projects on the following topics:
Disaggregation — income statement expenses — The Board tentatively
decided to “pursue an expense disaggregation approach whereby an entity would be
required to reconcile any disaggregated information to the relevant expense
caption presented in the income statement” and “refine the project scope to
include any relevant expense line items.” The Board also directed its staff to
conduct additional research related to the separate presentation or disclosure
of selling expenses.
ASC 848, Reference Rate Reform — deferral of
the sunset date of ASC 848 and amendments to the definition of the Secured
Overnight Financing Rate Overnight Index Swap Rate — The Board
redeliberated its April 2022 proposed Accounting Standards Update (ASU) on this
topic and directed its staff to draft a final ASU for a vote by written ballot.
Reference rate reform — fair value hedging — The Board decided to
remove this project from its technical agenda.
For more information, see the meeting handout on the FASB’s Web site.