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.
July 21, 2010 FASB Board Meeting
Certain
amendments to various Codification Topics to conform terminology to Topic
820. The Board discussed proposed amendments covering a
comprehensive review of the FASB Accounting Standards Codification™ to
conform terminology and fair value related guidance to that used in Topic 820,
Fair Value Measurements and Disclosures.
Proposed
Amendments
The Board tentatively decided to make amendments to
update and conform certain Codification Topics and Subtopics to fully reflect
the measurement and disclosure guidance under Topic 820.
The Board
directed the staff to conduct additional outreach to Employee Stock Ownership
Plan (ESOP) specialists and privately held entities that have an ESOP to obtain
feedback on the proposed amendments to Subtopic 718-40 on Employee Stock
Ownership Plans. The Board also directed the staff to perform additional
outreach efforts to industry experts about the proposed amendments in Topic 230,
Statement of Cash Flows. Paragraph 230-10-15-4 provides an exemption for
investment companies from preparing a cash flow statement if certain criteria
are met.
Comment Period
The Board directed the staff to
draft a proposed Accounting Standards Update for vote by written ballot. The
comment period of the proposed Update will be approximately 75
days.