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March 15, 2024
BDO supports the Board's proposal to clarify how to apply the induced conversion model to convertible debt instruments, but recommends certain clarifications.
The FASB recently clarified the requirements for determining whether a convertible debt settlement is accounted for as an induced conversion, rather than an extinguishment, which determines the effect of the debt’s settlement on net income.
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BDO supports the Board’s proposal to expand the application of cash flow hedge accounting to additional forecasted transactions and underlying risks. BDO suggested clarifications on certain aspects of the proposal to improve operability of the proposed guidance.
Based on investor and other constituent feedback requests for more information about income statement expenses, the Financial Accounting Standards Board (FASB) introduced guidance requiring expanded disclosures for public business entities (as defined in U.S. GAAP) about specific income statement expenses in Accounting Standards Update (ASU) No. 2024-03: Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
BDO supports the Board’s proposals to refine the derivatives scope exception and to clarify that an entity should apply the guidance in ASC 606 to a share-based payment from a customer as consideration in a revenue contract.
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