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.

May 11, 2010 FASB Board Meeting

Accounting for financial instruments:

The Board decided to exclude from the scope of the proposed standard forward contracts that require physical settlement by repurchase of a fixed number of the issuer’s equity shares in exchange for cash. Those contracts are currently accounted for in accordance with Topic 480, Distinguishing Liabilities from Equity.

Financial instruments with characteristics of equity:

The Board discussed some of the more significant comments received from external reviewers on the draft of the Proposed Accounting Standards Update. The Board decided that additional Board meetings are needed to address the issues raised in those comments.