FASB Adds Projects to Agenda
At its April 28th meeting, the Financial Accounting Standards Board (“the Board”) focused on four projects the Board has considered adding to its agenda. After discussing the results collected from its staff research, the Board made tentative decisions to include the following projects in its agenda:
- Presentation issues in cash flow statements. Anticipated to clear up principles in Topic 230, Statement of Cash Flows, this project will offer further guidance regarding what an entity should take into account when determining the classification of certain cash flows. Also under consideration is additional disclosure concerning cash flows.
- Fees a customer in a cloud computing arrangement paid. The project will offer guidance to explain how a customer should report fees paid within a cloud computing arrangement.
Conversely, the Board passed on adding a project requesting additional disclosures on carbon content in fossil fuel reserves. The Board also declined to undertake a project requesting the expansion of tax credit investments listed under Accounting Standards Update 2014-01.