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 27, 2010 FASB Board MeetingAccounting for financial instruments. The staff summarized for the Board significant feedback received on the proposal for classification and measurement of financial instruments included in the May 2010 Exposure Draft, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities—Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815), through outreach efforts performed to date. The Board had received a summary of significant feedback on its proposed credit impairment and interest income recognition models at the October 21, 2010 joint meeting with the IASB.
The Board plans to redeliberate the proposed credit impairment and interest income recognition models jointly with the IASB, beginning with the November 10-12, 2010 joint meetings. The Board plans to begin redeliberations of its proposed classification and measurement approach in December 2010.
Disclosure of certain loss contingencies. The July 2010 Exposure Draft, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies, had proposed that public entities would begin providing enhanced disclosures in financial statements for fiscal years ending after December 15, 2010. The Board decided that a final standard will not be effective for the 2010 calendar year-end reporting period. It will decide on an effective date at a future meeting, after it has substantially concluded its redeliberations.