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May 11 FASB meeting recap

At its May 11 meeting, the FASB discussed three topics:

Digital assets: The Board voted to add a project on digital assets that would address the recognition and measurement of digital assets with corresponding presentation and disclosure considerations. The Board decided not to include commodities in the scope of the project. 

Income tax disclosures: The Board voted to perform stakeholder research on (1) disaggregation of taxes paid by jurisdiction and (2) a quantitative threshold approach to rate reconciliations (e.g., leveraging the SEC’s current 5% rule) or alternatively, requiring specific categories. 

Financial instruments with ESG-linked features: After discussion of staff research performed to date, the Board directed the staff to continue research and will decide whether to add a project to its technical agenda at a future meeting.

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