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.

February 15, 2012 FASB Board Meeting

Disclosures about risks and uncertainties and the liquidation basis of accounting. The Board affirmed its previous tentative decisions about when and how an entity should apply the liquidation basis of accounting. Additionally, the Board affirmed that under the liquidation basis of accounting, an entity should prepare, at a minimum, a statement of net assets in liquidation and a statement of changes in net assets in liquidation and that it should disclose all measurement bases and significant assumptions.

The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot. The Board decided that the comment period for the proposed Update would be 90 days. Based on the Board’s previous decisions, the proposed guidance would be effective as of the beginning of the period of adoption and would be applied prospectively.