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.
December 7, 2011 FASB Board Meeting
Presentation
of comprehensive income: reclassifications of items of other comprehensive
income. The Board discussed the feedback received from stakeholders
on the November 2011 FASB Exposure Draft, Comprehensive Income (Topic 220):
Deferral of the Effective Date for Amendments to the Presentation of
Reclassifications of Items Out of Accumulated Other Comprehensive Income in
Accounting Standards Update No. 2011-05.
The Board affirmed its
decision to defer the effective date of certain aspects of Accounting Standards
Update 2011-05 as proposed in the Exposure Draft, directing the staff to draft a
final Accounting Standards Update for vote by written ballot. That decision
defers only those changes in Update 2011-05 that related to the presentation of
reclassification adjustments. The amendments in this proposed Update would
supersede only those paragraphs that pertain to how and where reclassification
adjustments are presented. While the Board is considering the operational
concerns about the presentation requirements for classification adjustments,
entities would continue to report reclassifications out of accumulated
comprehensive income consistent with the presentation requirements in effect
before Update 2011-05. The part of Update 2011-5 pertaining to the requirement
to report comprehensive income either in a single continuous statement or in two
separate but consecutive financial statements is unaffected by today´s action.
The Board also directed the staff to expeditiously complete its analysis
of alternative approaches to the presentation of reclassification adjustments
from accumulated other comprehensive income for consideration at a future
meeting.