Board Members
Minutes of Board Meeting
Date: January 8, 2019
The Board meeting minutes 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 become final only after a formal written ballot to issue an Accounting Standards Update or a Statement of Financial Accounting Concepts.
Financial Instruments—Credit Losses Implementation
Basis for Discussion:
FASB Memo 5, “Comment Letter Period Extension"
Length of Discussion:
10:45 a.m. to 11:00 a.m. (EST)
Board members present:
Golden, Kroeker, Botosan, Buesser, Hunt, and Schroeder
Board members absent:
Staff in charge of topic:
Other staff at Board table:
Kuhaneck, Romano, Shah, Cryderman, LaFrano, and Jepsen
Outside participants:
Type of Document and Timing Based on the Technical Plan:
The Board met to discuss extending the comment letter period relating to the Exposure Draft addressing financial instruments.
Tentative Board Decisions:
The Board decided to extend the comment letter period an additional 30 days for the proposed Accounting Standards Update, Codification Improvements— Financial Instruments. Comment letters for the proposed Update will be due on January 18, 2019. [Vote: 6-0]
Other Items
The Board decided to:
  1. Conduct further research and analysis before issuing the proposed Accounting Standards Update, Codification Improvements to Financial Instruments—Credit Losses (Topic 326): Vintage Disclosure: Gross Writeoffs and Gross Recoveries, which would require that total gross writeoffs and total gross recoveries be presented by class of financing receivable and major security type within the credit quality information vintage disclosure described in paragraphs 326-20-50-5 through 50-6.

  2. Hold a public roundtable in January 2019 to discuss the topic in (1) above and a proposal submitted by a group of banks to consider an alternative approach to presenting expected credit losses on the income statement.
The Board expressed support for the staff's efforts to create a question-and answer document that will address particular issues on the weighted-average remaining maturity (WARM) method for estimating credit loss reserves under Topic 326, Financial Instruments—Credit Losses.
General Announcements: None
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