SUMMARY OF BOARD DECISIONS
Summary of Board decisions are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions are included in an Exposure Draft for formal comment only after a formal written ballot. Decisions in an Exposure Draft may be (and often are) changed in redeliberations based on information provided to the Board in comment letters, at public roundtable discussions, and through other communication channels. Decisions become final only after a formal written ballot to issue a final standard.
January 21, 2009 Board Meeting
Technical corrections to FASB Statements and other U.S. GAAP literature. The Board discussed a draft of a proposed Statement that would eliminate the following from U.S. GAAP:
- FASB Technical Bulletin No. 01-01, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets
- EITF Topic No. D-33, “Timing of Recognition of Tax Benefits for Pre-reorganization Temporary Differences and Carryforwards”
- EITF Topic No. D-67, “Isolation of Assets Transferred by Financial Institutions under FASB Statement No. 125.”
The proposed Statement also would make nonsubstantive technical corrections to current standards. The objective of the proposal is to complete some necessary housekeeping of U.S. GAAP.
The Board decided that the Statement would be effective upon issuance. Through the comment process, the Board will solicit feedback on potential transition issues. The Board also decided that this proposed Statement would have a 60-day comment period. The Board directed the staff to proceed to a draft of a proposed Statement for vote by written ballot.
Agenda decision announcements. The FASB chairman announced the following agenda decisions:
- Accounting for trading inventory—the project was removed from the Board’s agenda, after receiving mixed reviews on proposed FSP ARB 43-a, Amendment of the Inventory Provisions of Chapter 4 of ARB No. 43.
- IPR&D acquired in an asset acquisition—the project was removed from the Board’s agenda and will now be addressed by the Emerging Issues Task Force.