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.

April 22, 2009 Board Meeting

Loan loss disclosures. The Board continued to discuss how to improve disclosures about the allowance for credit losses associated with loans and finance leases (financing receivables). The Board previously decided on a variety of enhanced disclosures at its March 18, 2009 meeting. At today’s meeting, the Board made the following additional decisions:

1. A creditor would be required to disclose the fair value of financing receivables on a loan portfolio segment basis.

2. APB Opinion No. 28, Interim Financial Reporting, would be amended to require entities to provide the proposed disclosures in interim-period financial information.

3. An entity would be required to provide the disclosures beginning with the first interim or annual reporting period ending after December 15, 2009.

4. At initial adoption, the proposed Statement would not require an entity to provide the required disclosures for comparative periods. However, in periods after initial adoption, the proposed Statement would require an entity to provide comparative disclosures for comparative periods that ended after initial adoption.

The Board directed the staff to proceed to a draft of the proposed Statement for vote by written ballot. The comment period for the proposed Statement will be 60 days.