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FASB and IASB consider changes to revenue recognition standard

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Contents
Current reporting issue
      Conversions of hybrid instruments with bifurcated conversion features
FASB
      Boards discuss further changes to revenue recognition standard
          Practical expedients upon transition
          Gross versus net presentation of sales taxes collected from customers
          Noncash consideration
          Collectibility
          Principal versus agent (gross versus net reporting)
      Highlights of Board meeting on new projects posted
          Tentative decisions reached on new projects
               Simplifying the equity method of accounting
               Accounting for measurement period adjustments in a business combination
EITF meeting held on March 19
      Final consensuses
          Issue 14-A: “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”
          Issue 14-B: “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its           Equivalent)”
      Consensuses-for-exposure
          Issue 15-A: “Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts           within Nodal Energy Markets”
          Issue 15-B: “Recognition of Breakage for Prepaid Stored-Value Cards”
          Issue 15-C: “Employee Benefit Plan Simplifications”

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