FASB November 9th Meeting Recap
Progress was made last week concerning two of the Financial Accounting Standards Board’s (“FASB”) key projects. During its November 9 meeting, the FASB agreed that early application of its upcoming Accounting Standards Update (“ASU”) for clarifying the definition of a business will be allowed for certain transactions prior to the standard’s issuance date. Staff members were ordered to draft the final ASU for vote.
Furthermore, the FASB agreed to restore the consolidation guidance previously under Subtopic 810-20, Consolidation—Control of Partnerships and Similar Entities. The guidance will be reinstated under Subtopic 958-810, Not-for-Profit Entities—Consolidation, and impacts nonprofit entities when adopting the upcoming ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. Staff members were ordered to draft the final ASU for vote.