Tentative Board Decisions
Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.
Conceptual framework—elements. The Board discussed working definitions of an asset and a liability.
The Board decided to eliminate the terms probable, future economic benefits, sacrifices of economic benefits, and past transactions or events from the Board’s revised definitions.
The Board directed the staff to further analyze whether the term control is necessary in the definition of an asset.
Codification Improvements (formerly Technical Corrections and Improvements). The Board discussed a staff analysis of proposed amendments to and minor clarifications of the FASB Accounting Standards Codification®.
The Board agreed with the proposed amendments to various Topics of the Codification that the staff recommended.
The Board decided that transition guidance would be provided for certain amendments.
Analysis of Benefits and Costs
The Board concluded that the expected benefits of the proposed changes would justify the costs.
Basis for Conclusions
Each issue will have a separate explanation and conclusion for the amendments in the proposed Update. Therefore, the Board decided that a separate Basis for Conclusions section is not needed in the proposed Update.
The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot, with a comment period of 60 days.