FASB Holds September 21 Meeting

At its September 21, 2022, meeting, the FASB directed its staff to draft, for a vote by written ballot, a proposed Accounting Standards Update (ASU) related to amending the guidance in ASC 842, Leases, on accounting for arrangements between entities under common control.

In addition, the Board redeliberated its August 2022 proposed ASU that “would allow an insurance entity to make an accounting policy election to exclude contracts that meet certain criteria from applying the amendments in [ASU 2018-18] when they have been derecognized before the [ASU’s] effective date.”

The Board also discussed feedback from nonpublic-entity stakeholders on its postimplementation review of ASC 606, Revenue From Contracts With Customers. No decisions were made.

For more information, see the meeting handout on the FASB’s Web site.