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 9, 2013 FASB Board Meeting

Disclosure Framework: Board´s Decision Process. The Board discussed additions and changes to the Board´s decision process and how the aspects of interim reporting affect the way in which the Board sets disclosure requirements.

The Board decided that the chapter in the conceptual framework on disclosures should address:

1. Nonrecognized subsequent events
2. Error corrections
3. Changes in estimates
4. Past transactions or events or existing conditions that will create future rights and obligations
5. Amounts and transactions within line items that if not disclosed would reduce the quality of the assessment of cash flow prospects
6. Claims related to equity instruments issued by an entity
7. How the Board decides which annual disclosure requirements should be required for interim financial statements
8. Differences in the accounting and reporting used for interim periods relative to those used for annual reporting
9. Information needed to understand the interim results as they relate to the full year
10. Consideration of more aggregated versions of annual disclosure requirements at interim periods.