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.

February 10, 2010 Board Meeting

Accounting for financial instruments: scope and entry value. [This topic was postponed and will be rescheduled to another date.]


Disclosures about credit quality and the allowance for credit losses. [This topic was postponed and will be rescheduled to another date.]


Subsequent events. The Board discussed a summary of comments received on its proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. The comment letter summary has been posted to the FASB website.

The Board also redeliberated issues raised by respondents, making the following decisions.

The Board decided to clarify which entities are required to evaluate subsequent events through the date the financial statements are issued as either:
  1. An entity that files or furnishes financial statements with the SEC (or another regulator if such filing satisfies the SEC’s requirements); or
  2. An entity that is a conduit bond obligor for conduit debt securities that are traded in a public market.
Other entities will evaluate subsequent events through the date the financial statements are available to be issued.

The Board decided that all entities, other than conduit debt obligors, will be required to apply this new guidance for financial statements originally issued or reissued after the date the final amendments are issued. Conduit debt obligors will be required to apply the guidance in fiscal years ending after June 15, 2010.

The Board directed the staff to draft a final Accounting Standards Update for vote by written ballot.