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 an Accounting Standards Update.
March 13, 2013 FASB Board MeetingInvestment companies. At its January 23, 2013 meeting, the Board directed the staff to perform outreach on the operationality of the tentative disclosure requirements about investments in another investment company. At today’s meeting, the Board discussed how to proceed on the project given the feedback it received.
The Board decided not to include in the final Accounting Standards Update disclosure guidance relating to when an investment company invests in another investment company but rather to address that guidance after the final Accounting Standards Update on investment companies is issued.
The Board directed the staff to draft a final Accounting Standards Update for vote by written ballot.
Reporting discontinued operations. The Board discussed an issue raised during the external review of the Exposure Draft and decided to replace the cash-generating unit concept in the proposed definition of discontinued operation with the current definition of component of an entity in U.S. GAAP. Therefore, a component of an entity or a group of components of an entity that represent a separate major line of business or major geographic area of operations would be eligible for discontinued operations reporting.