FASB Holds October 2 Meeting
October 4, 2024
At its October 2, 2024, meeting, the FASB discussed its projects on the following:
- Postimplementation review (PIR) of ASC 606 on revenue from contracts with customers — The Board discussed the PIR activities that it has completed thus far on this project. No decisions were made.
- Financial instruments—credit losses (ASC 326): purchased financial assets—The Board continued redeliberating its proposed ASU related to purchased financial assets and made tentative decisions related to (1) held-to-maturity debt securities, (2) loan commitments and forward contracts to purchase financial assets, (3) contract assets and lease receivables, and (4) trade accounts receivable. In addition, the Board directed the staff to perform additional research related to (1) certain aspects of the gross-up approach and (2) credit-impaired, available-for-sale debt securities.
For more information, see the tentative Board decisions on the FASB’s Web site.