FASB Holds October 5 Meeting
October 7, 2022
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.