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 a final standard.

February 18, 2009 Board Meeting

Going concern. The Board discussed issues raised in comments received on proposed FASB Statement, Going Concern. The Board decided the following:

1. To provide guidance that defines a going concern.

2. To clarify that the time period for the going concern assessment is not a bright-line 12 months but also is not intended to be an indefinite look-forward period.

The Board also decided that the final Statement will be effective for interim or annual periods ending after June 15, 2009. The Board directed the staff to proceed to a draft of a final Statement for vote by written ballot.

Subsequent events. The Board discussed issues raised in comments received on proposed FASB Statement, Subsequent Events. The Board decided the following:

1. To retain the notion of “available to be issued” financial statements.

2. To retain the definition of when an entity may use the “available to be issued” date.

3. To include a general scope exception for any existing authoritative accounting literature that conflicts with the final Statement.

4. To require that an entity disclose the date through which subsequent events have been evaluated.

5. To clarify that original issuance means both “issued” or “available to be issued.”

The Board also decided that the final Statement will be effective for interim or annual periods ending after June 15, 2009. The Board directed the staff to proceed to a draft of a final Statement for vote by written ballot.

Agenda decision announcements: The FASB chairman announced the following projects were added to the Board’s agenda:

1. A short-term project to provide additional application guidance in determining fair value as it relates to:
   1. Distinguishing active and inactive markets
   2. Identifying distressed sales.

2. A project to enhance the disclosure requirements of FASB Statement No. 157, Fair Value Measurements, for such matters as:
   1. Sensitivity of measurements
   2. Transfers between levels.

3. A project to consider the measurement basis for interests in alternative investments based on net asset value. The project will consider any feedback received by the AICPA on its project in this area.

4. A project to consider the accounting for deferred tax assets and liabilities on available-for-sale debt securities that are expected to be held to recovery.

5. A project on oil and gas disclosures resulting from recent changes to SEC disclosures in this area.

6. An annual improvements project, the first item being the issue of the treatment of base jackpot liabilities of casinos.

7. A project to reconsider the scope of FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements.

The FASB chairman also announced that a project was added to the EITF’s agenda to consider the application of the investment company guide to real estate funds. A working group will be formed to assist the staff and the EITF on this issue.