At its July 22, 2020, meeting, the FASB discussed its project on
joint ventures for assets contributed by investors. In addition, the Board added a
project to its technical agenda on reducing the costs related to the application of
the revenue standard to initial franchise fees.
Accounting by a Joint Ventures for Assets Contributed by
The FASB made tentative decisions related to the accounting by
joint venture for contributions received and expanded the scope of the project
to include both monetary and nonmonetary contributions.
Revenue Recognition — Practical Expedient for Private Company
The FASB added this project to its technical agenda and made
tentative decisions regarding the use of the practical expedient for initial
franchise fees by franchisors that are not public business entities. In
addition, the Board made tentative decisions about the transition and effective
date and directed the staff to draft a proposed ASU for a vote by written
For more information about all of the discussions held at the meeting, see the
tentative Board decisions on the FASB’s Web site.