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.
March 3, 2010 FASB/IASB Joint Videoconference Board Meeting
Financial
statement presentation. The Boards addressed the transition and
effective date provisions to be included in the financial statement presentation
Exposure Draft.
The Boards tentatively decided that the Exposure Draft
should indicate their preference for requiring an entity to adopt the financial
statement presentation provisions on a full retrospective basis. That is, an
entity would apply the financial statement presentation requirements to
previously issued financial statements. This would entail, for each prior
period, reclassifications, new groupings, and disaggregation of comparative
information presented and disclosed as if the new presentation provisions had
always been applied. The Boards indicated that the effective date for the final
standard would provide adequate lead time for reporting entities to prepare for
and implement the proposed changes. The Exposure Draft will include a question
soliciting information about the amount of time needed to implement those
changes.
The Boards noted that they plan to consider the effective dates
and transition for standards to be completed by June 30, 2011 collectively, and
that they may therefore modify their stated preferences for individual
standards. The Boards will address whether early adoption of the financial
statement presentation standard should be permitted as part of that
consideration.
Fair
value measurement. The Boards discussed the staff’s plan for
developing educational material to accompany an IFRS on fair value measurement.
This educational material will describe at a high level the thought process that
one might go through to meet the objective of a fair value measurement. The
educational material will be published by the IASC Foundation. IASB and FASB
staff will liaise during its development.