Summary of FASB’s November 30 Meeting
In addition to approving a simplified goodwill impairment test, the Financial Accounting Standards Board (“FASB”) discussed the following topics at its November 30 meeting:
- Nonemployee share-based payment accounting. The FASB reached decisions based on feedback from external reviewers, and instructed staff members to develop a proposed Accounting Standards Update (“ASU”) with a 90-day comment period.
- Conceptual framework—measurement. The FASB reached decisions on guidance for the initial carrying amount of an asset, and instructed staff members to create an updated project plan regarding the elements of financial statements alongside the presentation and measurement concepts.
- Issue No. 16-B, “Employee Benefit Plan Master Trust Reporting.” The FASB ratified the consensus reached in mid-November regarding Issue No. 16-B.
- Leases implementation. An update was given on the feedback received since the FASB issued ASU No. 2016-02, Leases (Topic 842). Staff members will continue to work on implementation issues with stakeholders.