FASB Summary of June 25, 2003 Board Meeting Discussion

FASB: Summary of June 25, 2003 Board Meeting Discussion

Derivatives Implementation Group

Summary of June 25, 2003 Board Meeting Discussion on Statement 133 Implementation Issues

Financial instruments: derivatives implementation. At its June 25, 2003 meeting, the Board discussed the comments received on Statement 133 Implementation Issue No. C20, “Interpretation of Clearly and Closely Related in Contracts That Qualify for the Normal Purchases and Normal Sales Scope Exception,” and agreed with the staff’s proposed revisions. The Board did not object to the staff’s posting of the revised Implementation Issue C20 on the FASB website as cleared guidance. Implementation Issue C20, which was retitled “Interpretation of the Meaning of Not Clearly and Closely Related in Paragraph 10(b) regarding Contracts with a Price Adjustment Feature,” was posted on the website on June 27, 2003.