Representatives of the Financial Accounting Standards Board (FASB) and the OIC met on 21 June 2018 in Norwalk, Connecticut. OIC Board Member Gianmario Crescentino and FASB Members R. Harold Schroeder and Marsha Hunt participated in the meeting, joined by members of the OIC and FASB staffs.
At this meeting, the FASB and the OIC both provided updates on their respective activities. They exchanged views on implementation activity related to standards on revenue, expected credit losses, and leases. The FASB and the OIC also discussed future projects and the FASB’s upcoming standard on targeted improvements to long-duration insurance contracts.

Please find attached the press release.