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.

January 23, 2013 FASB Board Meeting

1. IASB changes to the jointly discussed investment company assessment
    
2. Disclosures
    
3. Transition requirements
    
4. Effective date.

1. Financial support provided to any of its investments during the periods presented, disaggregated by support contractually required and support not previously contractually required.
    
2. Financial support that is contractually required to be provided to any of its investments but has not yet been provided.
    
3. That the entity is an investment company and is applying investment company accounting under Topic 946, Financial Services—Investment Companies.

1. To change the threshold for the disclosures from significant to those that exceed 5 percent of the reporting investment company´s net assets at the reporting date.
    
2. That the items disclosed would be as of the investee fund´s most recently audited financial statements, including a disclosure of that date.

1. The initial carrying amounts for subsidiaries and equity method investments would be calculated as though the entity had always accounted for its investments in conformity with other applicable U.S. GAAP, unless it is not practicable.
    
2. If determining the carrying amounts for subsidiaries and equity method investments is not practicable, an entity would use the fair value of the investment at the date the final guidance becomes effective.
    
3. For all other investments, initial measurement would be the fair value at the date of adoption.
    
4. An entity that is required to consolidate a subsidiary as a result of the final guidance may elect the fair value option provided by Subtopic 825-10, Financial Instruments—Overall, only if the entity elects the option for all financial assets and financial liabilities of that subsidiary that are eligible for that option.
    
5. An entity may also elect the fair value option for its investments that are required to be accounted for using the equity method of accounting or other U.S. GAAP as a result of the final guidance.
    
6. An entity would be required to describe the transition method(s) applied and would disclose the amount and classification in its statement of financial position of the consolidated assets or liabilities by the transition method(s) applied.