At its January 22, 2020, meeting, the FASB discussed (1) accounting by a joint
venture for nonmonetary assets contributed by investors, (2) the conceptual
framework (elements), and (3) hedging — last-of-layer method.
Accounting by a Joint Venture for Nonmonetary Assets Contributed by
The Board began initial deliberations and directed its staff to continue researching
“alternatives for recognizing and measuring nonmonetary assets contributed to a
Conceptual Framework — Elements
The Board continued deliberating the elements chapter of the Conceptual Framework.
Specifically, the Board discussed how to define various elements, including
revenues, expenses, gains, losses, investments by owners, and distributions to
The Board directed its staff to begin drafting a proposed Concepts Statement chapter
on elements of financial statements for a vote by written ballot.
Hedging — Last-of-Layer Method
The Board made several decisions related to disclosures and transition. The FASB
staff will perform an external review and notify the Board about (1) any additional
issues and (2) its cost-benefit analysis.