Action Alert No. 08-13 March 27, 2008

FASB: Action Alert No. 08-13

Action Alert No. 08-13
March 27, 2008

NOTICE OF MEETINGS

OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)

Wednesday, April 2, 2008, 9:00 a.m.

  1. Statement 140 implementation—transfers of financial assets (estimated 1-hour discussion). The Board will discuss the proposed amendments to the derecognition criterion in paragraph 9 of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and whether to eliminate the accounting significance of qualifying special-purpose entities.

  2. Open discussion. If necessary, the Board will allow time to discuss minor issues with staff members on technical projects or administrative matters. Those discussions are held following regular Board meetings as topics come up.

OPEN EDUCATION SESSION

Wednesday, April 2, 2008, following the Board meeting

The Board will hold an educational, non-decision-making session to discuss topics that are anticipated to be discussed at a future Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.

BOARD ACTIONS

The Board Actions 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 a final Statement, Interpretation, FSP, or Statement 133 Implementation Issue.

March 19, 2008 Board Meeting

Determination of the useful life of intangible assets. The Board discussed comments received on proposed FSP FAS 142-f, Determination of the Useful Life of Intangible Assets, and reached the following decisions:

  1. The final FSP should include two examples to illustrate the principles in the FSP.

  2. The final FSP should only include disclosures of:

    1. The weighted-average period prior to the next renewal or extension

    2. The entity’s accounting policy on the treatment of costs incurred to renew or extend the term of a recognized intangible asset, and

    3. The amount of costs incurred to renew or extend the term of a recognized intangible asset that have been capitalized into the carrying amount of a recognized intangible asset.

  3. The final FSP should reinforce the existing disclosure requirements of AICPA Statement of Position 94-6, Disclosure of Certain Significant Risks and Uncertainties.

  4. The guidance in the final FSP for determining the useful life of a recognized intangible asset should be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements of the final FSP should be applied prospectively to intangible assets recognized as of and subsequent to the effective date.

  5. The final FSP should be effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years.

The Board directed the staff to proceed to a draft of a final FSP for vote by written ballot.

FUTURE OPEN MEETINGS

The following is a list of open meetings tentatively scheduled through May. Because schedules may change, please check the FASB calendar before finalizing your plans. Revisions to this list since the last issue of Action Alert are highlighted in bold.

Wednesday, April 9, 2008—FASB Board Meeting
Wednesday, April 9, 2008—FASB Education Session
Wednesday, April 16, 2008—FASB Board Meeting
Wednesday, April 16, 2008—FASB Education Session
Monday, April 21, 2008—FASB/IASB Joint Board Meeting, London
Tuesday, April 22, 2008—FASB/IASB Joint Board Meeting, London
Thursday, April 24, 2008—FASB Education Session
Wednesday, April 30, 2008—FASB Board Meeting
Wednesday, April 30, 2008—FASB Education Session
Tuesday, May 6, 2008—FASB Insurance Forum
Wednesday, May 7, 2008—FASB Board Meeting
Wednesday, May 7, 2008—FASB Education Session
Wednesday, May 14, 2008—FASB Board Meeting
Wednesday, May 14, 2008—FASB Education Session
Wednesday, May 21, 2008—FASB Board Meeting
Wednesday, May 21, 2008—FASB Education Session
Thursday, May 22, 2008—Liaison Meeting with Healthcare Financial Management Association
Wednesday, May 28, 2008—FASB Education Session