FASB Summary of October 3, 2001 Board Meeting Discussion

FASB: Summary of October 3, 2001 Board Meeting Discussion

Derivatives Implementation Group

Summary of October 3, 2001 Board Meeting Discussion on Statement 133 Implementation Issues

Open Discussion: The Board did not object to the staff's recommendation to revise the effective date of Statement 133 Implementation Issue No. C16, "Applying the Normal Purchases and Normal Sales Exception to Contracts That Combine a Forward Contract and a Purchased Option Contract," to be the first day of the second fiscal quarter beginning after October 10, 2001, the date that Implementation Issue C16 will be posted on the website. Thus, for an entity whose fiscal year-end coincides with the end of a calendar quarter, the effective date of Implementation Issue C16 has been deferred to April 1, 2002.