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.
July 23, 2013 Joint FASB/IASB Board Meeting
Accounting for Financial Instruments: Classification and Measurement. The IASB and the FASB discussed the plan for the upcoming joint redeliberations of their respective classification and measurement proposals for financial instruments. The Boards will begin redeliberations in September with a discussion of the contractual cash flow characteristics assessment for classifying financial assets. The Boards anticipate that their joint redeliberations as well as the IASB-only redeliberations will be substantially complete by the end of 2013. The FASB will also continue to expeditiously consider the feedback received on its proposed Accounting Standards Update during the remainder of this year. The meeting was informational and no decisions were made.
Accounting for Financial Instruments: Impairment. The FASB and the IASB discussed feedback received on the FASB’s proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15), and on the IASB’s Exposure Draft ED/2013/3, Financial Instruments: Expected Credit Losses. The meeting was informational and no decisions were made. A summary of the comments received is available on the FASB and IASB websites.