Tentative Board Decisions
Tentative Board decisions are provided for those interested in
following the Board’s deliberations. All of the reported decisions are
tentative and may be changed at future Board meetings.
Wednesday, August 30, 2017 FASB Board Meeting
Conceptual framework—elements. The Board discussed working definitions of an asset and a liability.
The Board decided to eliminate the terms probable, future economic benefits, sacrifices of economic benefits, and past transactions or events from the Board’s revised definitions.
Next Steps
The Board directed the staff to further analyze whether the term control is necessary in the definition of an asset.
Codification Improvements (formerly Technical Corrections and Improvements). The Board discussed a staff analysis of proposed amendments to and minor clarifications of the FASB Accounting Standards Codification®.
Proposed Amendments
The Board agreed with the proposed amendments to various Topics of the Codification that the staff recommended.
Transition Guidance
The Board decided that transition guidance would be provided for certain amendments.
Analysis of Benefits and Costs
The Board concluded that the expected benefits of the proposed changes would justify the costs.
Basis for Conclusions
Each issue will have a separate explanation and conclusion for the
amendments in the proposed Update. Therefore, the Board decided that a
separate Basis for Conclusions section is not needed in the proposed
Update.
Next Steps
The Board directed the staff to draft a proposed Accounting Standards
Update for vote by written ballot, with a comment period of 60 days.