Recap of FASB October 5 Meeting
At its October 5 meeting, the Financial Accounting Standards Board (“FASB”) ratified the September 22 consensus reached on the following Emerging Issues Task Force (“EITF”) Issue: Issue No. 16-A, “Restricted Cash” In addition, the FASB ratified the consensus-for-exposure on the following EITF Issue: Issue No. 16-C, “Determining the Customer of the Operation Services in a Service Concession Arrangement” Separately, the FASB reached decisions on Topic 718, Compensation–Stock Compensation. The FASB agreed that if a change to the stock compensation award does not impact the overall current fair value, vesting requirements or classification, then entities are not required to apply modification accounting under. Read More.
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. More on the tentative board decisions from the August 31 meeting is available at FASB.org.
Recap of FASB’s May 4th Meeting
Two weeks ago, the Financial Accounting Standards Board (“FASB”) reviewed its proposed Accounting Standards Update, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, and project concerning nonemployee share-based payment accounting improvements. The FASB discussed feedback received on the proposal related to government assistance disclosures as well as made decisions related to the scope of Topic 718, Compensation—Stock Compensation, the measurement of nonemployee share-based awards, and attributing compensation costs. The FASB’s tentative decisions from its May 4th meeting are available on the Board’s website.