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 an Accounting Standards Update.
June 6, 2013 FASB Board MeetingDefinition of a nonpublic entity. The Board continued to discuss how to clarify and refine the definition of a public company for financial reporting purposes. The Board decided that a business entity meeting any one of the following criteria would be considered a public company:
- It is required to file or furnish financial statements with the Securities and Exchange Commission.
- It is required to file or furnish financial statements with a regulatory agency in preparation for the sale of securities or for purposes of issuing securities.
- It has issued or is a conduit bond obligor for unrestricted securities that can be traded on an exchange or an over-the-counter market.
- Its securities are unrestricted, and it is required to provide U.S. GAAP financial statements to be made publicly available on a periodic basis pursuant to a legal or regulatory requirement.