At the end of his first month as chairman, Richard Jones presided over the FASB’s meeting on its agenda and project prioritization. Eight agenda requests were considered, but only three made the cut. See our summary below, which includes a link to the FASB page where its tentative decisions are posted.
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At its July 29 meeting, the FASB voted to add a project to its technical agenda to make targeted improvements to ASC 842, Leases, related to: (1) sales-type leases with substantial variable lease payments, (2) remeasurement of lease payments based on a reference index or rate, and (3) reduction of scope in a master lease agreement. The FASB expects to issue an exposure draft for comment on these topics in September.
The FASB also added projects to address the effect of underwriter restrictions and research other restrictions on fair value measurements. In addition, the FASB will consider developing a principle for benchmark interest rates eligible for fair value hedge accounting as part of its project on reference rate reform.
The FASB considered several other projects but did not add them to their agenda.
At its July 22 meeting, the FASB tentatively decided to require a joint venture to account for contributions from venturers at fair value as though the joint venture were the acquirer of a business. This would be a change to practice. Today, a joint venture generally records assets contributed to it at formation at cost. The FASB will continue to discuss this issue at a future meeting.