FASB Holds February 28 Meeting

At its February 28, 2024, meeting, the FASB discussed its proposed Accounting Standards Updates (ASUs) (1) Scope Application of Profits Interest Awards and (2) Purchased Financial Assets. Specifically, the Board:

• Addressed revisions to the illustrative example in the proposal on profits interest awards and decided to move forward with issuing a final ASU on this topic.
• Began redeliberating its proposal on purchased financial assets and discussed an issue related to the project’s scope, recognition, and measurement.

For more information, see the tentative Board decisions on the FASB’s Web site.