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.
September 16, 2010 FASB Board
Meeting
Reporting Loans to Participants by
Defined Contribution Pension Plans (a final Consensus of the EITF). At the
September 16, 2010 EITF meeting, the Board unanimously ratified the following
consensus of the EITF.
Issue No. 10-C, “Reporting Loans to
Participants by Defined Contribution Pension Plans”
Participant
loans should be classified as notes receivable from participants in the
financial statements of a defined contribution pension plan, measured at the
outstanding principal amount plus accrued but unpaid interest.
Participant loans are exempt from the disclosure requirements about fair
value in paragraphs 825-10-50-10 through 50-16 of the FASB Accounting
Standards CodificationTM. Participant loans are also
exempt from credit quality disclosures required by the amendments in Accounting
Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the
Credit Quality of Financing Receivables and the Allowance for Credit
Losses.
An employee benefit plan should apply the classification
guidance retrospectively to all prior periods presented. The amendments to the
Accounting Standards Codification resulting from this consensus are effective
for fiscal years ending after December 15, 2010, with early adoption
permitted.