FASBMeeting held April 10 All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot. Decisions reflected in Exposure Drafts are often changed in redeliberations by the Board based on information received in comment letters, at public roundtable discussions, and from other sources. Board decisions become final after a formal written ballot to issue a final Accounting Standards Update. At its April 10 meeting, the Board discussed the joint leasing project's effect on financial reporting complexity, a new agenda item to address a narrow fair value disclosure issue for nonpublic employee benefit plans, and the comment deadline for the Private Company Decision-Making Framework, as described below. Board to proceed with re-exposing converged leasing guidance The FASB discussed the proposed lease accounting model's impact on financial reporting complexity and decided to proceed with issuing an Exposure Draft on lease accounting in May for a 120-day comment period. The proposed model would employ a dual income statement recognition approach by treating some leases as financing arrangements and others as what are known today as operating leases. Entities would recognize all leases on the balance sheet under the proposed model. New agenda item to provide disclosure relief for nonpublic employee benefit plans The Board decided to add a project to its agenda that would indefinitely defer certain fair value disclosure requirements for nonpublic employee benefit plans that hold shares of private company plan sponsors. The FASB added this project in response to concerns from private company preparers that application of certain fair value disclosure requirements could result in nonpublic employee benefit plans disclosing otherwise private information about the fair value of a plan sponsor's securities....
On The Horizon - April 16, 2013
|Author:||Ms Grant Thornton's Audit Practice Group|
|Profession:||Grant Thornton LLP|
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