Project Information Page
Last updated on January 15, 2015. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations. Please refer to the main Conceptual Framework project page for additional information related to the project.
*Decisions Reached at the Last Meeting (December 16, 2014)
The Board decided that line items should be the primary focus in developing standards for presentation in financial statements. The Board also decided that the activity from which (or within which) the recognized item resulted is the primary factor for identifying useful subtotals in an income statement and that the timing of realization or settlement is the primary factor in identifying useful subtotals on the balance sheet.
The Board decided to postpone discussions about other comprehensive income in the conceptual framework project until it has further discussions in its project on financial performance reporting.
*Tentative Board Decisions Reached to DateThe Board decided that the following two presentation concepts should be further developed:
- Information should be grouped into reasonably homogeneous groups. Line items or subtotals that include items that have similar characteristics in more than one respect are likely to provide more information about prospects for future cash flows than if their characteristics were dissimilar.
- The association between changes in assets, liabilities, and equity instruments and the assets, liabilities, and equity instruments that changed should be made apparent in the financial statements (or in the financial statements and notes).
*BOARD/OTHER PUBLIC MEETING DatesThe FASB meeting minutes are provided for the information and convenience of constituents who want to follow the Boards’ deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final Accounting Standards Update.
|*December 16, 2014||Board Meeting—The Board decided that line items should be the primary focus in developing standards for presentation in financial statements. The Board decided to postpone discussions about other comprehensive income in the conceptual framework project until it has further discussions in its project on financial performance reporting.|
|November 24, 2014||Board Meeting—The Board discussed factors for aggregating individual assets, liabilities, equity, revenues, expenses, gains, and losses into line items in the financial statements.|
|June 18, 2014||Board Meeting—The Board discussed how to proceed with the conceptual framework project|
Please refer to the measurement, presentation, and disclosure project pages for current Board meeting minutes related to each of those topics within the broader Conceptual Framework project.
Next StepsThe staff will continue to develop factors for aggregating individual assets, liabilities, equity, revenues, expenses, gains, and losses into line items in the financial statements.
Postgraduate Technical Assistant