A summary of FASB’s September consensus

BVWireIssue #121-3
October 17, 2012

After its meeting on September 11, the FASB’s Emerging Issues Task Force (EITF) reached a final consensus on three out of five issues, reports KPMG in its current newsletter, Defining Issues. The three final consensuses—which the FASB must affirm before releasing—include:

  • Not-for-profit entities: classification of the sale of donated securities in the statement of cash flows;
  • Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-related acquisition of a financial institution; and
  • Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs.

The EITF also reached consensus on three exposure drafts, and last week the board released Proposed Accounting Standards Update (ASU) No. EITF-12G, Consolidation (Topic 810): Accounting for the Difference between the Fair Value of the Assets and the Fair Value of the Liabilities of a Consolidated Collateralized Financing Entity. Comments are due by December 10.

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