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.

July 23, 2009 FASB/IASB Joint Board Meeting

Technical plan.

Insurance contracts. [The summary of decisions reached for this topic will be posted as soon as it is available.]

Revenue recognition. [The summary of decisions reached for this topic will be posted as soon as it is available.]

Leases. [The summary of decisions reached for this topic will be posted as soon as it is available.]


July 24, 2009 FASB/IASB Joint Board Meeting

Financial instruments with characteristics of equity. [The summary of decisions reached for this topic will be posted as soon as it is available.]

Financial statement presentation. The Boards considered a summary of the responses to the Discussion Paper, Preliminary Views on Financial Statement Presentation. After reviewing those responses, the Boards affirmed the objective of the project to develop a single presentation model for IFRSs and US GAAP that can be applied consistently across all types of business entities.

The Boards decided tentatively to:

  1. Rewrite the objectives of financial statement presentation as core presentation principles
  2. Explain how the core presentation principles relate to the conceptual framework for financial reporting
  3. Retain cohesiveness as one of the core presentation principles and modify its application so that cohesiveness is not necessarily required at the line-item level
  4. Retain disaggregation as one of the core presentation principles and provide guidance on when an entity may present disaggregated information in the notes to financial statements rather than on the face of those financial statements
  5. Consider liquidity and financial flexibility in the context of the disaggregation principle, rather than as a separate core presentation principle.

The Boards also noted that the FASB had decided tentatively in its recent work on financial instruments to require a single statement of comprehensive income. The IASB plans to consider that issue in September.

Financial instruments—improvements to recognition and measurement. [The summary of decisions reached for this topic will be posted as soon as it is available.]