Tentative Board Decisions
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.
Conceptual framework—elements. The Board discussed working definitions of revenues and expenses, which are currently defined in FASB Concepts Statement No. 6, Elements of Financial Statements, and the relationship of those definitions with the definitions of gains and losses. The Board provided the following tentative leanings and reactions to the working definitions:
- Retain the phrase or other activities in the working definitions of revenues and expenses to ensure the terms are sufficiently inclusive
- Excluding the phrase carrying out from the working definitions was an improvement
- Not remove the phrase that constitute the entity’s ongoing major or central operations in the working definitions at this time.