An Update: FASB Financial Statements Project

By: Tim McCutcheonTimMccutcheon

The meeting summary from the FASB’s October 28th meeting pertaining to the Board’s consideration of the Exposure Draft for NFP financial reporting is out. There is also a video recording of the FASB Board meeting where the redeliberation plan was discussed. The video portion of the meeting where the exposure draft was discussed lasts about 30 minutes, other than breaks, and is the first topic. The board chose one of two alternatives proposed by staff. The option chosen divides the proposed update into two workstreams:

  • Workstream 1 includes issues that are not dependent on (interconnected with) other projects and have a clear path or paths forward at this time.
  • Workstream 2 includes issues that are dependent on (interconnected with) other projects and would likely require more substantial staff research of alternatives suggested by respondents, extensive Board redeliberations, additional outreach, and a re-exposure of revised proposals.

Workstream 1 is expected to be completed by June 30, 2016, after which work on Workstream 2 would begin. Of course, Workstream 2 activities would be subject to modification (additions, deletions, or even discontinuation of it in its entirety) at some point in the future. However, for now both Workstreams remain on FASB’s agenda.