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Task Force Reaches Final Consensuses and Consensuses-for-Exposure

At the Emerging Issues Task Force’s (“Task Force”) meeting last week, the group announced final consensuses were reached on 12-F, “Pushdown Accounting”, and 13-G, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.” During its final meeting of the year, the Task Force also reached consensuses-for-exposure on 14-A, “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”, and 14-B, “Fair Value Hierarchy Levels for Certain Investments Measured at Net Asset Value.” The Financial Accounting Standards Board’s (“FASB”) plans to discuss the. Read More.

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FASB Task Force Meeting to Vote on U.S. GAAP Amendments

When the Financial Accounting Standards Board’s (“FASB”) Emerging Issues Task Force (“the Task Force”; “EITF”) meets next week, the group plans to vote on two proposed amendments to U.S. GAAP. The amendments to be voted on are: Proposed Accounting Standards Update (ASU) No. EITF-13G, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force); and Proposed ASU No. EITF-12F, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging. Read More.

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FASB Backs Task Force’s Recent Meeting Decisions

Reflecting decisions from its Emerging Issues Task Force’s June meeting, the Financial Accounting Standards Board (“FASB”) approved two Accounting Standards Updates. Per its meeting yesterday, the FASB will release Issue No. 12-G, “Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity”, and Issue No. 13-F, “Accounting for the Effect of a Federal Housing Administration Guarantee.”

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ASU Related to Performance Targets Issued by the FASB

Due to an agreement regarding its Emerging Issues Task Force, the Financial Accounting Standards Board has released Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Effective for annual and interim periods within periods starting after December 15, 2015, the ASU’s amendments require a performance target that impacts vesting and can be attained after the requisite service period be handled as a performance condition. When calculating the award’s grant-date fair value, the performance target should not be considered. The compensation. Read More.

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