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.
March 7, 2012 FASB Board MeetingInsurance contracts. The FASB continued its discussions on the insurance contracts project by considering the accounting for investment contracts with discretionary participation features.
The FASB tentatively decided that investment contracts with discretionary participation features should not be included within the scope of the insurance contracts standard unless the contract meets the definition of insurance.
The FASB and the IASB will continue their joint discussions on insurance contracts in the week of March 19, 2012.
Agenda decision announcement: definition of a nonpublic entity. The FASB chairman announced that she added a project to the Board’s technical agenda that will reexamine the definition of a nonpublic entity. The chairman’s decision was based on comments from stakeholders requesting clarification of the existing definitions and ongoing questions about which definition of a nonpublic entity was being used in various projects. There also is a similar need for clarity on the definition of a nonpublic entity with respect to the private company decision-making framework that the staff has been developing. This project will provide an opportunity to simplify the definition of a nonpublic entity, address a few known practice issues, and help to identify the scope of entities that would be considered in future discussion about potential differences in requirements for nonpublic entities.