At its November 2, 2016, meeting, the FASB agreed to add the reorganization of the guidance in ASC 810,1 including the refinement of certain definitions within that guidance, and directed its staff to draft a proposed Accounting Standards Update (ASU) for discussion at a future roundtable. In addition, the Board discussed, but did not reach decisions on, (1) a possible private company scope exception to the variable interest entity (VIE) guidance for entities under common control and (2) additional changes to guidance on common-control relationships, including the possibility of eliminating the guidance in ASC 810-10-25-44, frequently referred to as the “related-party tiebreaker test.”
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