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, October 11,
2017 FASB Board Meeting
framework — elements. The Board discussed
working definitions of revenues and expenses, which are currently defined in
FASB Concepts Statement No. 6, Elements of Financial Statements, and
the relationship of those definitions with the definitions of gains and losses.
The Board provided the following tentative leanings and reactions to the working
Board directed the staff to develop working definitions of gains and losses in
order to further analyze whether the phrase that constitute the entity's
major or central operations can be excluded from the working definitions of
revenues and expenses.
- Retain the phrase or other activities in the working
definitions of revenues and expenses to ensure the terms are sufficiently
- Excluding the phrase carrying out from the working definitions
was an improvement
- Not remove the phrase that constitute the entity's ongoing major or
central operations in the working definitions at this time.