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.

December 7, 2011 FASB Board Meeting

Presentation of comprehensive income: reclassifications of items of other comprehensive income. The Board discussed the feedback received from stakeholders on the November 2011 FASB Exposure Draft, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.

The Board affirmed its decision to defer the effective date of certain aspects of Accounting Standards Update 2011-05 as proposed in the Exposure Draft, directing the staff to draft a final Accounting Standards Update for vote by written ballot. That decision defers only those changes in Update 2011-05 that related to the presentation of reclassification adjustments. The amendments in this proposed Update would supersede only those paragraphs that pertain to how and where reclassification adjustments are presented. While the Board is considering the operational concerns about the presentation requirements for classification adjustments, entities would continue to report reclassifications out of accumulated comprehensive income consistent with the presentation requirements in effect before Update 2011-05. The part of Update 2011-5 pertaining to the requirement to report comprehensive income either in a single continuous statement or in two separate but consecutive financial statements is unaffected by today’s action.

The Board also directed the staff to expeditiously complete its analysis of alternative approaches to the presentation of reclassification adjustments from accumulated other comprehensive income for consideration at a future meeting.