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.

October 24, 2013 FASB Board Meeting

Consolidation: Principal versus Agent Analysis. The Board began redeliberations and decided to exclude the following types of money market funds from the scope of Topic 810, Consolidation: (1) those that are required to comply with Rule 2a-7 of the Investment Company Act of 1940 (the Act) and (2) those that operate in accordance with requirements that are similar to those in Rule 2a-7 of the Act.

The Board directed the staff to develop criteria for determining when a fund is operating in accordance with requirements that are similar to those in Rule 2a-7 of the Act.

The Board also directed the staff to consider potential disclosures for money market funds within the scope exception.