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 15, 2012 FASB Board MeetingInsurance contracts. The FASB continued its discussions on insurance contracts by considering whether upon adoption of the new insurance contracts standard, an insurer could re-designate the classification of its financial assets for transition purposes.
The Board tentatively decided that upon initial adoption of the insurance contracts standard, an insurer would be permitted to designate and classify its financial assets that are designated to an entity’s insurance business either by:
- Legal entity or
- Internal designation and relating to funding of insurance contracts that are newly determined to be insurance