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.

October 26, 2011 FASB Board Meeting

Disclosures about risks and uncertainties and the liquidation basis of accounting. The Board discussed the project´s scope and overall objectives. The Board decided that improving disclosures that would serve as an early warning of an entity´s potential inability to continue as a going concern would not be an objective of this project, since the Board tentatively decided to add incremental disclosures about liquidity risk in the separate project on accounting for financial instruments.

The Board postponed making a decision about whether the management of an entity, as opposed to its outside accountants, should have primary responsibility for generating the going-concern assessment. Instead, the Board instructed the staff to perform additional work to determine whether the term substantial doubt can be defined in a way that would be operable and not conflict with auditing guidance to be developed by the Public Company Accounting Oversight Board and the Auditing Standards Board of the American Institute of Certified Public Accountants.