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.
July 25, 2012 FASB Board MeetingTechnical corrections. Several external reviewers of a draft of the final Update advised the Board that three amendments may have unintended financial reporting consequences. The Board considered that feedback and decided to remove those proposed amendments from the scope of this Technical Corrections and Improvements project so they could be further analyzed. Those amendments relate to (1) rabbi trusts (paragraph 96 of the proposed Update), (2) proportionate consolidation (paragraph 15), and (3) disclosure of net appreciation of net assets available for plan benefits (paragraphs 280, 282, 283, 290, and 293). After the additional analysis is complete, the Board will consider whether any changes would best be made through the next Technical Corrections and Improvements project, the Emerging Issues Task Force, or in some other way.