Tentative Board Decisions

Tentative Board decisions are provided for those interested in following the Board's deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

Wednesday, May 2, 2018 FASB Board Meeting



Disclosure framework—Board's decision process. Board members discussed their views on the draft of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 8, Notes to Financial Statements.  The Board indicated support for the draft.



Revenue recognition of grants and contracts by not-for-profit entities. The Board discussed the substantive external review and Board member comments received on a draft of the final Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and agreed with the staff's analysis and approach for addressing those comments.



Effective Date



The Board decided to amend the effective date of the Update for transactions in which an entity is a resource recipient as follows:
  1. For a public business entity or a not-for-profit entity that has issued (or is a conduit bond obligor for) securities that are traded, listed, or quoted on an exchange or an over-the-counter market, the amendments would be effective for annual periods beginning after June 15, 2018, including interim periods within those annual periods.
  2. For all other entities, the effective date would be aligned with the effective date of Topic 606, Revenue from Contracts with Customers.
Early adoption is permitted for all entities.



Next Steps



The Board directed the staff to draft an Accounting Standards Update for vote by a written ballot.