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.Wednesday, April 21, 2021 FASB Board Meeting
Conceptual framework—elements. The Board discussed the feedback from comment letter respondents on issues related to the asset definition in the proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 4, Elements of Financial Statements. The Board decided the following:
- To remove the terms probable and future and the phrase past transactions or events from the current asset definition.
- To add more language on the identifiable criteria to Chapter 4 to help with identifying whether internally generated intangible items meet the definition of an asset.
- Determining when research and development activities qualify as an asset is a standards-level decision.
The Board will discuss additional feedback from comment letter respondents related to proposed Chapter 4 of Concepts Statement 8 at a future Board meeting.