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 12, 2013 FASB Board MeetingFair Value Measurement Disclosures of Private Company Equity Securities by Employee Benefit Plans. The Board discussed a summary of the comments received on the Exposure Draft of a proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans.
The Board also discussed the staff’s analysis of the issues in light of stakeholder feedback received and made the following decisions:
- The Board affirmed its proposal to indefinitely defer certain disclosures for nonpublic employee benefit plans, with some modifications:
- Rather than define a new term, nonpublic employee benefit plan, the Codification will be amended to describe the deferral as applying to “any employee benefit plan other than those plans that are subject to the Securities and Exchange Commission’s filing requirements.”
- Expanding the scope of investments to also include the equity securities of nonpublic affiliated entities of the plan sponsor.
- The deferral will be effective immediately upon issuance of the final Update, for all financial statements that have not been issued.