At its March 6, 2019, meeting, the FASB discussed (1) whether to add to its technical agenda a project addressing disclosures “referred to the Board by the SEC” and (2) its project on the definition of collections.
Disclosure Improvements in Response to SEC Release on Disclosure Update and Simplification
The FASB tentatively decided to add to its agenda a project on “disclosures referred to the Board as part of the SEC’s Disclosure Update and Simplification initiative.” The Board directed the staff to draft a proposed Accounting Standards Update (ASU) on this topic for a vote by written ballot.
The Board discussed feedback on its proposed ASU Updating the Definition of Collections and tentatively decided to clarify that “the scope of the guidance on collections in Subtopics 958-360 and 958-605 includes both not-for-profit and business entities, consistent with the pre-Codification guidance in FASB Statement No. 116, Accounting for Contributions Received and Contributions Made.”