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FASB Makes Updates to Technical Agenda

At its September 20 public meeting, the Financial Accounting Standards Board (“FASB”) agreed to add the following three projects to its technical agenda: A project on differentiating liabilities and equity, with a emphasis on indexation and settlement, convertible debt, disclosures, and earnings per share A section of the FASB’s Financial Performance Reporting Research project aimed at the disaggregation of performance reporting by function and nature A narrow-scoped project on segment reporting aimed at improving the aggregation criteria and segment disclosures The addition of these projects completes the last stage of the FASB’s agenda consultation project. Also at the meeting, the. Read More.

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FASB Makes Technical Corrections to Accounting Guidance

Amendments to key parts of U.S. GAAP were announced this week by the Financial Accounting Standards Board (“FASB”). Issued as Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements, the amendments relate to several topics in the FASB Accounting Standards Codification. FASB Chairman Russell Golden says the changes are narrow in scope and should be easy for reporting entities to understand and implement. The following amendments in ASU No. 2016-19 impact all reporting entities: Subtopic 715-30, Compensation—Retirement Benefits—Defined Benefit Plans—Pension, and Subtopic 715-60, Compensation—Retirement Benefits—Defined Benefit Plans—Other Postretirement, and Topic 944, Financial Services—Insurance. ASU No. 2016-19 advises uniform use. Read More.

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FASB Recommends Financial Reporting Topics for Discussion Paper

At its board meeting earlier this month, the Financial Accounting Standards Board (“FASB”) reviewed its agenda Discussion Paper scheduled for release later this year. In particular, the FASB recommended the inclusion of the following financial reporting topics: Financial Performance Reporting (including the Performance Statement, Other Comprehensive Income, Cash Flow Statement, and Segment Reporting); Distinguishing Liabilities from Equity; Intangible Assets; and Pensions and Other Postretirement Employee Benefit Plans. Also at the meeting, the FASB decided not to add a project on the Simplifying the Measurement of Asset Retirement Obligations project and also removed Phase 2 of the Liabilities and Equity—Targeted Improvements. Read More.

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