FASB Holds June 4 Meeting
June 7, 2024
At its June 4, 2024, meeting, the FASB discussed its projects on (1) improvements to
hedge accounting and (2) accounting for government grants.
Improvements to Hedge Accounting
Topics addressed included (1) the scope of the change in hedged risk guidance for
cash flow hedges and (2) transition, including the transition method,
requirements and elections for existing hedges, and disclosures. The Board also
decided that early adoption would be permitted and that all entities would be
within the scope of the proposed amendments. The staff has been directed to
draft a proposed Accounting Standards Update (ASU) for a vote by written ballot.
For more information, see the tentative Board decisions on the FASB’s Web site.
Accounting for Government Grants
The Board made decisions related to (1) disclosures, (2) recognition and
measurement in a business combination, and (3) transition. The staff has been
directed to draft a proposed ASU for a vote by written ballot.
For more information, see the tentative Board decisions on the FASB’s Web site.