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.

December 19, 2012 FASB Board Meeting

Presentation of comprehensive income: reclassification out of accumulated other comprehensive income. The Board clarified certain decisions made at its November 14 meeting. The Board decided that when an entity presents information about significant items reclassified out of accumulated other comprehensive income into net income on the face of the financial statements, it would not be required to present on the face of the financial statements, an aggregate total of all amounts reclassified, including insignificant items. However, an entity would be required to present the aggregate tax impact of those significant reclassifications, parenthetically where the total income tax amount is presented.

The Board also affirmed its previous decision that the amendments will be effective for reporting periods beginning after December 15, 2012, for public entities and for reporting periods beginning after December 15, 2013, for nonpublic entities.

The Board directed the staff to continue drafting a final Accounting Standards Update for vote by written ballot, reflecting the decisions summarized above.

Agenda decision: nonpublic entities—clarification of a fair value disclosure requirement. The chairman added a project to the technical agenda to clarify whether nonpublic entities are subject to a particular disclosure requirement in Topic 825, Financial Instruments, arising from the issuance of Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.

The Board decided to amend Topic 825 to clarify that nonpublic entities are not required to provide the fair value hierarchy level disclosure in paragraph 825-10-50-10(d) for items disclosed at fair value but not measured at fair value in the statement of financial position.

The Board directed the staff to draft an Exposure Draft for vote by written ballot. The Exposure Draft will be issued in January 2013 with 15-day comment period.