FASAC Holds Quarterly Meeting

The FASB’s Financial Accounting Standards Advisory Council (FASAC) held its quarterly meeting on March 4, 2025. Topics addressed during the meeting included the following:

• Observations related to the FASB’s postimplementation review of the Board’s leasing standard, ASC 842.
• Consistency issues related to the Board’s development of amendments to GAAP (e.g., multiple definitions of the term “public business entity,” consistent application of accounting standards within industries, use of different accounting models to account for economically similar transactions).
• The FASB’s project on refinements to the scope of the guidance in ASC 815 on derivatives.

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