Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

Wednesday, October 5, 2022 FASB Board Meeting

Disaggregation—Income Statement Expenses. The Board continued its initial deliberations by discussing the disaggregation approach for income statement expenses.

Disaggregation Approach

The Board decided to pursue an expense disaggregation approach whereby an entity would be required to reconcile any disaggregated information to the relevant expense caption presented in the income statement. The Board decided not to require disclosure in total for any additional specific expenses or costs incurred.

Project Scope

The Board decided to refine the project scope to include any relevant expense line items. That means that the project’s scope applies to any expense line items on the income statement that contain certain types of underlying information. Those expense captions would be required to be disaggregated, depending on the types of underlying expenses the Board later decides to require. Additionally, the Board directed the staff to focus its research on all business entities.

Selling Expenses

The Board directed the staff to perform additional research on the separate presentation or disclosure of selling expenses. The Board indicated that the staff should not pursue developing a definition of selling expenses.



Reference Rate Reform—Deferral of the Sunset Date of Topic 848 and Amendments to the Definition of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate. The Board redeliberated the proposed Accounting Standards Update, Reference Rate Reform (Topic 848) and Derivatives and Hedging (Topic 815): Deferral of the Sunset Date of Topic 848 and Amendments to the Definition of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate.

The Board affirmed the following decisions:

1. To amend the sunset date of the guidance in Topic 848 to December 31, 2024.
2. That the amendments in the final Update should be effective immediately for all entities upon issuance and applied prospectively.