- The FASB completed the technical deliberations on its planned changes to hedge accounting by agreeing to simplify a piece of the test businesses perform to prove that a hedging transaction is a legitimate risk management tool. The board agreed to add the measurement of credit risk in a specialized type of foreign exchange swap to the list of items that can be excluded from the assessment of hedge effectiveness.
- The FASB published an update to U.S. GAAP that aims to improve the presentation requirements for pension and other postretirement benefit costs. The update calls for companies and not-for-profit organizations that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs.
- The FASB published an update to U.S. GAAP that will require new presentation and disclosure requirements for employee benefit plans that have interests in master trusts. Plan participants and regulators want to know more information about investments in master trusts so they can assess an employee benefit plan’s current and future abilities to make payouts, the FASB said.
- The FASB amended U.S. GAAP to help accounting professionals determine when the guidance for gains and losses on nonfinancial assets should be applied to a financial asset. The amendment is part of the accounting board’s wider project to clarify the definition of a business.
- Discussion and presentations at the Mortgage Bankers Association’s (MBA) National Mortgage Servicing Conference & Expo 2017 were heavily centered on regulation: existing, in process, and future. Part of that discussion was whether the regulators and rules would disappear with the Trump Administration's deregulation push.