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    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019. The staff was directed to draft a final Accounting Standards Update on the June 2019 proposal for credit losses standard. FASB also discussed the results of staff research on four potential projects related to accounting for warrant modifications, initial recognition and measurement of non-monetary assets in a joint venture, accounting for acquired financial assets in a business combination that do not meet the definition of purchased financial assets with credit deterioration, and interest income recognition and measurement.

    FASB added a project to the Emerging Issues Task Force (EITF) agenda to address the issuers’ accounting for modifications of equity classified warrants—that is, equity classified freestanding call options that are outside the scope of Topic 718 on stock compensation or Topic 815 on derivatives and hedging. FASB limited the scope of the project to equity classified freestanding call options that remain equity classified after the modifications. FASB discussed a summary of comments received on its June 2019 proposed Accounting Standards Update, titled "Codification Improvements to Financial Instruments—Credit Losses (Topic 326)." FASB directed the staff to draft a final Accounting Standards Update for vote by written ballot, post the affirmation of its decisions on the following issues:

    • Negative allowances for purchased financial assets with credit deterioration
    • Negative allowances for available-for-sale debt securities
    • Transition relief for troubled debt restructurings
    • Disclosures related to accrued interest receivables
    • Financial assets secured by collateral maintenance provisions
    • Conforming amendments to Subtopic 805-20 on Business Combinations—Identifiable Assets and Liabilities, and Any Non-controlling Interest.
    • Effective date and transition requirements

    Additionally, FASB decided to add a high-level principle to Topic 270 on interim reporting, for interim disclosure based on the removed portion of SEC Regulation S-X, Rule 10-01 on interim financial statements. FASB discussed the staff’s approach to the project and directed the staff to perform research and outreach to reassess disclosure requirements related to interim reporting.


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    Keywords: Americas, US, Banking, Accounting, Tentative Decisions, Accounting Standards Update, Topic 326, Financial Instruments, IFRS 9, CECL, Derivatives and Hedging, Reporting, SEC, FASB

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