NOT-FOR-PROFIT ADVISORY COMMITTEE

NOT-FOR-PROFIT ADVISORY COMMITTEE

Revenue Recognition of Grants and Contracts by Not-for-Profits (NFPs)—FASB staff provided a brief overview of the main provisions in the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and discussed feedback received from comment letter respondents. 

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FASB PROPOSES UPDATE TO LIST OF PERMISSIBLE U.S. BENCHMARK INTEREST RATES FOR HEDGE ACCOUNTING

FASB PROPOSES UPDATE TO LIST OF PERMISSIBLE U.S. BENCHMARK INTEREST RATES FOR HEDGE ACCOUNTING

The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018.

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THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC) HELD ITS REGULAR QUARTERLY MEETING

THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC) HELD ITS REGULAR QUARTERLY MEETING

The FASB Chairman provided highlights on FASB activities that were not otherwise on the agenda for the Council meeting. SEC and PCAOB staff members also commented on current issues and activities. FASAC members asked about potential FASB and SEC responses to recent legislation involving a potential bill on tax reform.

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