Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.
Wednesday, May 11, 2022 FASB Board Meeting
Accounting for exchange-traded digital assets and commodities. The Board discussed whether to add a project to its technical agenda to address the accounting for exchange-traded digital assets and commodities. The Board added a project to its technical agenda to improve the accounting for and disclosure of certain digital assets.
The Board decided not to add to its technical agenda a project that would address the accounting for exchange-traded commodities; however, the chair decided that this topic would remain a research agenda project.
The Board will consider potential scope alternatives for digital assets at a future Board meeting.
Targeted improvements to income tax disclosures. The Board discussed the potential disclosure improvements to income taxes paid and the rate reconciliation. The Board directed the staff to further explore, through outreach and research, approaches to (1) disaggregate income taxes paid by jurisdictions and (2) require disclosure of individual reconciling items in the rate reconciliation on the basis of a quantitative threshold and specific categories of reconciling items, such as the foreign tax rate differential by jurisdictions. No decisions were made.
Accounting for financial instruments with environmental, social, and governance (ESG)-linked features and regulatory credits. The Board discussed the pre-agenda research performed to date, including stakeholder feedback received on ESG-linked financial instruments in response to the June 2021 Invitation to Comment, Agenda Consultation. The Board made no technical decisions and directed the staff to continue pre-agenda research. That research will be considered in a future decision-making meeting where the Board will decide whether to add a project on accounting for financial instruments with ESG-linked features to its technical agenda.