FASB voted Wednesday, June 10, to propose delaying the effective date of its standard on long-duration insurance contracts by one year and to approve two new standards.
The board will issue Accounting Standard Updates (ASUs) on improving convertible instruments and contracts in an entity’s own equity, and not-for-profit accounting for gifts-in-kind.
FASB plans to issue the two ASUs in the third quarter of this year. Read more.