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.

April 9, 2012 FASB Board Meeting

FASB ratification of EITF tentative conclusions. The Board approved the following consensuses reached at the March 15, 2012 meeting of the EITF and decided to expose them for public comment for a period of 90 days.

Issue 12-A, "Not-for-Profit Entities: Classification of the Sale of Donated Securities in the Statement of Cash Flows"

Cash receipts resulting from the sale of donated securities by not-for-profit entities (NFPs) that upon receipt are directed for sale and for which the NFP has the ability to avoid significant investment risks and rewards through near immediate conversion into cash should be classified as operating cash flows. If, however, the donor restricted the use of those contributed resources (meeting the conditions above) to the acquisition, construction, or improvement of long-lived assets or to establish or increase a permanent or term endowment, then those cash receipts should be classified as financing cash flows.

The consensus-for-exposure does not require any additional recurring disclosures.

The proposed amendments should be applied prospectively to cash receipts on or after the date of adoption from the sale of donated securities. Retrospective application to all prior periods presented upon the date of adoption would be permitted but not required. The Task Force decided that earlier adoption of the proposed amendments should be permitted.

Issue 12-C, "Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution"

An indemnification asset recognized in accordance with Subtopic 805-20, Business Combinations—Identifiable Assets and Liabilities, and Any Noncontrolling Interest, as a result of a government-assisted acquisition of a financial institution involving an indemnification agreement should be subsequently measured on the same basis as the asset subject to indemnification. Any amortization of changes in value should be limited to any contractual limitations on the amount and the term of the indemnification agreement. When considering the contractual term of the indemnification agreement, an entity should consider the lesser of the term of the indemnification agreement and the term of the indemnified assets.

The consensus-for-exposure does not require any additional recurring disclosures.

The proposed amendments should be applied prospectively to any new indemnification assets acquired and to changes in expected cash flows of existing indemnification assets occurring on or after the date of adoption. Prior periods would not be adjusted and earlier adoption would be permitted.

Issue 12-E, "Accounting for Fair Value Information That Arises after the Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized Film Costs"

The consensus-for-exposure would eliminate the rebuttable presumption in Topic 926, Entertainment—Films, that the conditions leading to the write-down of unamortized film costs after the balance sheet date existed as of the balance sheet date. The consensus-for-exposure also would eliminate the requirement that an entity incorporate into fair value measurements used in the impairment tests the effects of any changes in estimates resulting from the consideration of subsequent evidence if the information would not have been considered by market participants at the measurement date.

The consensus-for-exposure does not require any additional recurring disclosures. Entities would need to comply with the disclosure requirements in Topic 855, Subsequent Events, and other relevant Codification Topics, as applicable.

The proposed amendments should be applied prospectively for impairment tests performed after the date of adoption with earlier application permitted. In addition, earlier application would be permitted if an entity's financial statements for the most recent period have not yet been issued or, for a nonpublic entity, if the entity´s financial statements have not yet been made available for issuance.