FASB Reviews Ongoing and Future Projects
Several projects received attention at the Financial Accounting Standards Board’s (“FASB”) August 31 meeting. Last week’s board meeting featured staff research updates on the following potential projects:
- Accounting for service concession arrangements
- Collaborative arrangements
- Scope of modification accounting in Topic 718, Compensation─Stock Compensation
The FASB also redeliberated its proposed Accounting Standards Update, Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606); discussed the revenue recognition of grants and contracts by nonprofits; and reached conclusions on the proposed guidance updates for long-duration contracts.