United States

FASB Meeting – August 31, 2016

Sep 06, 2016
From the Financial Reporting Network

The FASB met on August 31 and discussed:

Technical Corrections and Improvements—ASU 2014-09, Revenue from Contracts with Customers. The Board discussed comments received on its proposed ASU, Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The Board also redeliberated the technical corrections in the proposed ASU and discussed additional technical corrections.

Revenue Recognition of Grants and Contracts by Not-for-Profit Entities. The Board continued discussions about improving and clarifying the guidance within Topic 958 to distinguish conditions from restrictions for nonreciprocal transactions.

Insurance—Targeted Improvements to the Accounting for Long-Duration Contracts. The Board discussed the costs and benefits of the forthcoming proposed ASU, the length of the comment period, and directed the staff to draft a proposed ASU for vote by written ballot.

Read Tentative Board Decisions