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 19, 2012 FASB Board Meeting
Accounting
for financial instruments: impairment. The Board discussed the
scope of assets that should apply the Current Expected Credit Loss (CECL) model.
The Board tentatively decided that the CECL model should apply to receivables
that result from revenue transactions within the scope of Topic 605 (and revenue
transactions within the scope of the ongoing Revenue Recognition project), lease
receivables recognized by a lessor in accordance with Topic 840 (and lease
receivables recognized as a result of the ongoing Leases project), and loan
commitments that are not measured at fair value with qualifying changes in fair
value recognized in net income (FV-NI). Subject to future discussions in the
Insurance project on whether certain guarantees should follow an insurance
accounting model, the Board tentatively decided that the CECL model also should
apply to financial guarantees that are not remeasured at FV-NI and are not
accounted for as insurance.