Aug 29, 2016
From the Financial Reporting Network
The FASB met on August 24 and discussed:
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Board discussed comments received about its proposed ASU, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
Clarifying the Definition of a Business. The Board continued redeliberations about its proposed ASU, Clarifying the Definition of a Business, specifically, issues related to the proposed threshold test, substantive processes, and the definition of outputs.
Disclosure Framework: Disclosure Review—Inventory. The Board continued its discussion about potential changes to inventory disclosure requirements based on the concepts and decision questions in proposed Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements.
Consolidation: Interests Held Through Related Parties That Are under Common Control. The Board instructed the staff to prepare a draft of a proposed ASU for vote by written ballot.