Printer-friendly version

Action Alert No. 08-17
April 24, 2008

NOTICE OF MEETINGS

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

Wednesday, April 30, 2008, 9:00 a.m.

1. Disclosures about credit derivatives (estimated 1-hour discussion). The Board will consider (a) the project’s scope, (b) proposed disclosures, (c) effective date and transition, and (d) the comment period for a proposal to improve disclosures about credit derivatives.

2. Statement 133 hedging (estimated 1-hour discussion). The Board will discuss (a) miscellaneous technical issues that arose during the drafting of the Exposure Draft of a proposed Statement to amend the hedging guidance in FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, (b) the effective date for the proposed Statement, and (c) its comment period.

3. Mergers and acquisitions by a not-for-profit organization (estimated 30-minute discussion). The Board will discuss the project plan and steps for completing the project. Those steps include redeliberations that are expected to focus on the significant concerns raised by respondents to the October 2006 Exposure Drafts, Not-for-Profit Organizations: Mergers and Acquisitions, and Not-for-Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition, which include the proposals for the recognition of donor-related intangible assets and for goodwill or contribution received in an acquisition, and the subsequent accounting for goodwill.

4. 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 30, 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.

April 16, 2008 Board Meeting

Financial reporting by entities in reorganization under the bankruptcy code. The Board discussed issues raised by respondents to proposed FSP SOP 90-7- a, An Amendment of AICPA Statement of Position 90-7. The Board decided to modify paragraph six of the proposed FSP to clarify that entities emerging from bankruptcy and adopting fresh-start reporting are allowed to early adopt an accounting principle when early adoption is permitted by that accounting standard. Conversely, entities emerging from bankruptcy and adopting fresh-start reporting are not allowed to early adopt an accounting principle when early adoption is not permitted by that accounting standard. The Board also decided not to expand the scope of the project to address other concerns raised by respondents during the comment period. Finally, the Board directed the staff to proceed to a draft of a final FSP for vote by written ballot.

FASB DOCUMENT AVAILABLE

Final FSP SOP 90-7-1, An Amendment of AICPA Statement of Position 90-7, is expected to be available on the FASB website by the end of business on April 24, 2008.

FUTURE OPEN MEETINGS

The following is a list of open meetings tentatively scheduled through June. 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.

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
Wednesday, June 4, 2008—FASB Board Meeting
Wednesday, June 4, 2008—FASB Education Session
Tuesday, June 10, 2008—Investors Technical Advisory Committee Meeting
Wednesday, June 11, 2008—Emerging Issues Task Force Meeting (tentative)
Thursday, June 12, 2008—Emerging Issues Task Force Meeting
Monday, June 16, 2008—FAF/FASB Forum on High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting, New York City
Wednesday, June 18, 2008—FASB Board Meeting
Wednesday, June 18, 2008—FASB Education Session
Thursday, June 19, 2008—Liaison Meeting with Financial Executives International, Stamford, CT
Tuesday, June 24, 2008—Financial Accounting Standards Advisory Council Meeting
Wednesday, June 25, 2008—FASB Board Meeting
Wednesday, June 25, 2008—FASB Education Session
Friday, June 27, 2008—Small Business Advisory Committee Meeting

Pages in this Section: