January 23, 2019

FASB published a summary of the tentative decisions taken at its Board meeting in January 2019. The key topics on which tentative decisions were made include simplifying the balance sheet classification of debt and the targeted transition relief for Financial Instruments—Credit Losses (Topic 326).

Simplifying the balance sheet classification of debtFASB continued re-deliberations of the proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). FASB directed the staff to continue its research on a potential alternative that considers the contractual linkage between certain debt arrangements and unused long-term financing arrangements in place at the balance sheet date. That research would consider the underlying economics of, and the markets for, those arrangements and illustrative examples related to unused long-term financing arrangements.

Targeted transition relief for financial instruments—credit losses—FASB decided to exclude debt securities classified as held-to-maturity from the scope of a proposed Accounting Standards Update that would address targeted transition relief for Topic 326, Financial Instruments—Credit Losses. FASB concluded that it has received sufficient information and analysis to make an informed decision and that the expected benefits of the proposed amendments would justify the expected costs. FASB directed the staff to draft a proposed Accounting Standards Update for vote by written ballot with a 30-day comment period.

 

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Keywords: Americas, US, Banking, Accounting, Tentative Decisions, Financial Instruments, Classification of Debt, Accounting Standards Update, Topic 326, Topic 470, FASB

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