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.
March 9, 2011 FASB Board Meeting
Disclosures about an employer’s participation in a multiemployer plan. The staff summarized the comment letters received on the September 2010 proposed Accounting Standards Update, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosure about an Employer’s Participation in a Multiemployer Plan, and the major issues that should be the focus of redeliberations. The Board did not make any decisions at this meeting. The Board directed the staff to continue to work with preparers, users, and other interested parties as it refines its disclosure recommendations.
Consolidation: policy and procedures. The Board discussed its tentative decision to modify the consolidation guidance for partnerships (Subtopic 810-20, Consolidation—Control of Partnerships and Similar Entities). The Board had previously decided to conform only how kick-out rights and participating rights affect the consolidation analysis of a partnership to the proposed guidance for evaluating whether a decision maker of a variable interest entity is an agent or a principal. The Board tentatively decided to revise its previous decision. Accordingly, the Board’s revised decision would allow a general partner to consider its economics (fees and other interests) when evaluating whether it should consolidate a partnership. In addition, the Board tentatively decided to replace the existing rebuttable presumption of control in Subtopic 810-20 with a presumption that the general partner has power (but not control) over the partnership.
The Board also discussed the transition requirements for the proposed guidance for distinguishing an agent from a principal and decided the following:
The Board decided to obtain stakeholder input on the effective date and an
early adoption option in the soon-to-be-issued Exposure Draft. The Board
directed the staff to draft an Exposure Draft for vote by written ballot that
would have a comment period of 75 days.