At its March 8, 2017, meeting, the FASB discussed the feedback received from its December 16, 2016, public roundtable on issues related to ASC 8101 and voted on next steps related to those topics. The topics included: (1) moving ahead with an exposure draft for the reorganized standard; (2) adding an elective private-company scope exception to the variable interest entity (VIE) guidance for entities under common control; (3) making additional changes to the current guidance on common-control relationships, including amending the guidance in ASC 810-10-25-44, frequently referred to as the “related-party tiebreaker test”; and (4) removing a sentence in ASC 810-10-55-37D to conform with the amendments in ASU 2016-172 (issued in October 2016). The issues discussed at this meeting were initially discussed at the FASB’s November 2, 2016, meeting and subsequently revisited at the public roundtable on December 16, 2016.
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