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FASB scraps future plans, goodbye potential projects on the agenda.

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The Financial Accounting Standards Board (FASB) has announced that it will not add several potential projects to its future agenda. These projects include clarifying the scope and application of Topic 480, accounting for equity securities, eliminating the held-to-maturity classification for debt securities, making amendments to the accounting for held-to-maturity debt securities, and Topic 740, income taxes, backwards tracing. However, FASB has decided to keep a project on accounting for commodities on its research agenda for further consideration. FASB plans to discuss certain presentation and disclosure requirements for held-to-maturity debt securities during a future meeting. The decision to exclude the commodities project from the technical agenda was made in order to prioritize progress on the current environmental credits project. FASB Chair Richard Jones stated that the board will revisit the commodities project in the future once progress has been made on the environmental credits project.

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