Financial Instruments with Characteristics of Equity (formerly Liabilities and Equity)—Joint Project of the FASB and IASB

Last Updated: October 26, 2010 (Updated sections are indicated with an asterisk *)

Meeting Materials and Minutes

The Board meeting minutes 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 become final only after a formal written ballot to issue a final standard.


Minutes (and some Meeting Materials)





*Board meeting (joint)—moving forward: targeted improvement approach October 22, 2010 October 22, 2010  
Board meeting (joint)—economic compulsion, accounting requirements for settlement, conversion, expiration and modification of an instrument, and disclosure requirements March 11, 2010 March 11, 2010   
Board meeting (joint)—broad classification issues February 18, 2010 February 18, 2010   
Board meeting (joint)—classification of instruments an entity will settle by issuing its own shares January 18, 2010
January 18, 2010   
Board meeting (joint)—classification principles for certain share-settled instruments December 16, 2009 December 16, 2009   
Board meeting (joint)—classification of share-settled insturments October 26, 2009 October 26, 2009  
Board meeting—describing the classification approach and classification of a subsidiary’s equity instruments in consolidation   August 27, 2009  

Board meeting (joint)— displaying in the statement of comprehensive income the changes in the fair value of a liability instrument

July 24, 2009 July 24, 2009   

Board meeting—measurement of freestanding equity instruments and equity hybrids and instruments classified as liabilities or assets

June 18, 2009

June 10, 2009


Board meeting—proposed principles and decisions rules for distinguishing between liability instruments and equity instruments

May 21, 2009

May 6, 2009


Board meeting—developing a classification model

March 19, 2009

March 16, 2009


Board meeting—defining liabilities and equity; classifying puttable and mandatorily redeemable instruments

January 21, 2009

January 28, 2009


Board meeting—developing a classification model

November 20, 2008

November 19, 2008


Board meeting (joint)—selecting an approach to be used as a starting point for future deliberations

October 21, 2008

October 21, 2008


Roundtable—discussion on financial instruments with characteristics of equity


September 8, 2008

September 8, 2008 Roundtable Materials

Board meeting—comment period and classification of dividends payable


October 10, 2007


Board meeting—equity classified instruments under the Ownership Approach


June 27, 2007


Board meeting—settlement of indirect ownership instruments and the Board’s preferred approach in Preliminary Views document


May 8, 2007


Board meeting—short-term improvements based on certain L&E disclosures


January 3, 2007


Board meeting—follow-up issues related to the REO Approach


November 15, 2006


Board meeting—informational meeting to update the IASB (FASB and IASB)



October 23, 2006

Board meeting—display under the Ownership Approach


August 16, 2006


Board meeting—objectives and principles for linkage and substantive features


March 15, 2006


Board meeting—measurement and a display of instruments not separated and a description of the nonequity component


November 29, 2005

November 29, 2005 Meeting Handout

Board meeting—separation criteria and Obligation First Approach


October 5, 2005


Board meeting—definition of multiple-component instruments and separation criteria


June 29, 2005


Board meeting—display and measurement, issuance costs, recognition of forward contracts, and subsequent reclassification assessments


May 11, 2005


Board meeting—resource group issues for Milestone Draft


April 6, 2005


Board meeting—resource group issues for Milestone Draft


March 30, 2005


Board meeting—resource group comment letter analysis on the Milestone Draft


March 2, 2005


Financial Accounting Standards Advisory Council Meeting  (FASB)



December 2, 2004

Small Business Advisory Committee Meeting (FASB)



December 1, 2004

Board meeting—determining a direct ownership relationship and settlement alternatives


November 24, 2004


Board meeting—distinguishing assets from equity and settlement alternatives


November 3, 2004

November 3, 2004
Meeting Table, Flowchart, and Examples

Board meeting—approaches in distinguishing liabilities from equity for single-component instruments


October 6, 2004


Board meeting—possible principles for distinguishing liabilities and assets from equity


July 16, 2004


Financial Accounting Standards Advisory Council Meeting (FASB)



June 22, 2004

Board meeting—REO Approach—decision to pursue


May 26, 2004


Project Resource Group meeting (FASB)



May 18, 2004

Board meeting—REO Approach presentation


May 5, 2004


Board meeting—conceptual language, hierarchy, and remaining simple instrument issues


February 18, 2004


Liaison meeting to discuss how the Board’s decisions on the Combinations between Mutual Enterprises and the Liabilities and Equity projects would impact mutual enterprises


January 27, 2004


Board meeting—unconditional simple instruments


January 21, 2004


Board meeting—unconditional simple instruments


January 14, 2004


Board meeting—distinction between equity and liabilities or assets


December 3, 2003


Board meting—financial instrument examples for Phase 2


October 1, 2003

October 1, 2003 Meeting Handout

Board meeting—scope and Plan for Phase 2


July 9, 2003