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.

May 29, 2013 FASB Board Meeting

Agenda decision: clarifying the definition of a business. The Board decided to add a standard-setting project to clarify the definition of a business with the objective of addressing whether transactions involving in-substance nonfinancial assets (held directly or in a subsidiary) should be accounted for as acquisitions (or disposals) of nonfinancial assets or as acquisitions (or disposals) of businesses. The project will include clarifying the guidance for partial sales or transfers and the corresponding acquisition of partial interests in a nonfinancial asset or assets.

Not-for-profit financial reporting: financial statements. The Board tentatively decided to define an intermediate operating measure on the basis of two key dimensions:

1. A mission dimension based on whether resources are from or directed at carrying out a NFP´s purpose for existence
2. An availability dimension based on whether resources are available for current period activities, and reflecting both external limitations and internal actions of a NFP´s governing board.

Before conducting further outreach, the Board directed the staff to explore whether the availability dimension should be limited to resources that are liquid.

The Board also considered three alternatives for presenting an intermediate measure in a NFP´s statement of activities. It tentatively decided to support an alternative that would present all legally available mission related revenues before reductions for amounts designated by the governing board for use in future periods, rather than only the net of those amounts. That presentation also would include amounts of previously unavailable resources that the governing board made available for use in the current period.

The Board also discussed certain implementation matters but concluded that they would be better addressed later in the project. The Board will consider at a future meeting whether the presentation of an intermediate operating measure would be required, permitted, or encouraged.