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.

February 23, 2011 FASB Board Meeting

Troubled debt restructuring. The Board decided that a creditor should not consider an insignificant delay in cash flows a concession to a borrower. To illustrate application of this decision, the Board decided to include in the final Accounting Standards Update:

1. A list of factors or indicators that an entity should consider when determining whether a delay in amount of payments is significant
    
2. Examples to illustrate application of the indicators.

For public entities, the Board decided that the amendments should be effective for the first interim or annual period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. Early adoption is permitted. The disclosure of information about troubled debt restructurings 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, and deferred by the amendments in Accounting Standards Update No. 2011-01, Receivables (Topic 310): Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20, is effective for the first interim or annual period beginning on or after June 15, 2011.

For nonpublic entities, the Board decided that the amendments should be effective for the first interim or annual period beginning on or after December 15, 2011. Early adoption is permitted. The disclosure of information about troubled debt restructurings required by the amendments in Update 2010-20 is effective for fiscal years beginning on or after December 15, 2011, including interim periods within those fiscal years.

The Board directed the staff to draft a final Accounting Standards Update for vote by written ballot.