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.

January 11, 2012 FASB Board Meeting

Disclosures about risks and uncertainties and the liquidation basis of accounting. The Board decided not to require that management of an entity assess whether there is substantial doubt about the entity’s ability to continue as a going concern. A majority of Board members observed that such a requirement would be difficult to apply and that users of financial statements would benefit to a greater extent from ongoing disclosures about risks and uncertainties than they would from disclosures that would be made only after management concludes that there is substantial doubt about an entity’s ability to continue as a going concern. As a next step in this project, the Board directed the staff to develop a principle for an entity to assess the adequacy of its disclosures about risks and uncertainties and to evaluate how the content of such disclosures could be improved.


Open discussion—Impairment of indefinite-lived intangible assets. The Board affirmed its plan that the comment period for the Exposure Draft would close at the end of April 2012, providing constituents with a 90-day period to submit their responses.