Technical Plan and Project Updates
The FASB provides the following schedule to help its constituents monitor the progress of and plan for their involvement in the Board’s standard setting activities. The schedule provides a current estimate of the publication dates of due process documents expected to be issued in the next 6 quarters; that is, Discussion Papers (DPs), Exposure Drafts (Es) and Final Documents (Fs). It also indicates the comment periods that will close in the next 6 quarters (C) and any roundtable discussions planned during that time period (R). Lastly, it provides the estimated completion date of each project. The FASB undertakes its work following established due process procedures which include extensive consultation with interested parties before reaching conclusions. Therefore, all of the information of this schedule is subject to change depending on input received throughout a project’s development.
The Board recognizes that the work plan anticipates the completion of many projects in the 2010 and 2011 timeframe. The Board will consider staggering effective dates of those standards to ensure the orderly transition to any new requirements.
Also provided on the schedule are links to staff prepared summaries of Board decisions that are provided for information purposes only. The decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
| 2009 | 2010 | Estimated Issuance of Final Document | ||||
| JOINT FASB/IASB PROJECTS:* |
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| Conceptual Framework Project: (Updated as of February 17, 2009) Objective and Qualitative Characteristics (Phase A)
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F |
2009 |
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Elements and Recognition (Phase B)
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Measurement (Phase C)
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Reporting Entity (Phase D)
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Presentation and Disclosure, including Financial Reporting Boundaries (Phase E)
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Framework Purpose and Status in GAAP Hierarchy (Phase F)
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Applicability to the Not-for-Profit Sector (Phase G)
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Remaining Issues (Phase H)
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| 2009 | 2010 | Estimated Issuance of Final Document | ||||
| Standards Projects: |
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| Leases (Updated March 20, 2009) |
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| FAS 144—Reporting Discontinued Operations (Updated October 7, 2008) |
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| Financial Statement Presentation (Updated April 2, 2009) |
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| Revenue Recognition (Updated April 7, 2009) |
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| Earnings per Share (November 13, 2008) |
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| Emissions Trading Schemes (Updated June 23, 2009) |
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| Financial Instruments with Characteristics of Equity (Updated April 2, 2009) |
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| Insurance Contracts (Updated April 6, 2009) |
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| Financial Instruments—Improvements to Recognition and Measurement (Updated April 8, 2009) |
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| Income Taxes (Updated October 6, 2008) |
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Research Projects: |
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| Consolidations: Policy and Procedures (Updated January 20, 2009) |
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| Financial Instruments: Derecognition (Updated February 10, 2009) |
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| 2009 | 2010 | Estimated Issuance of Final Document | ||||
| FASB PROJECTS: |
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| Mergers and Acquisitions by a Not-for-Profit Organization (including amendments to Statement 142) (Updated March 11, 2009) |
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| Going Concern (Updated March 12, 2009) |
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| Subsequent Events (Updated March 12, 2009) |
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| Credit Crisis Projects: | ||||||
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FAS 157—Determining Whether a Market is Not Active and a Transaction is Not Distressed
(FSP FAS 157-e issued 3/17/09. Updated April 3, 2009) |
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Other-Than-Temporary Impairments
(FSP FAS 115-a, FAS 124-a, and EITF 99-20-b issued 3/17/09. Updated April 3, 2009) |
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FAS 157—Measuring Liabilities under
FAS 157 (Updated March 12, 2009) |
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FAS 107 and APB 28—Interim Disclosures about Fair Value of Financial Instruments
(FSP FAS 107-b and APB 28-a issued 1/30/09. Updated April 6, 2009) |
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FAS 133 Implementation C22—Embedded Credit Derivatives Scope Exception
(Proposed Statement 133 Implementation Issue C22 issued 1/14/09. Updated March 12, 2009) |
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Recoveries of Other-Than-Temporary Impairments (Reversals)
(Updated February 4, 2009) |
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FAS 157—Improving Disclosures about Fair Value Measurements
(Added to agenda 2/18/09. Updated March 10, 2009) |
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FAS 157—Applying Fair Value to Interests in Alternative Investments
(Added to agenda 2/18/09. Updated March 10, 2009) |
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| FAS 141(R)—Assets & Liabilities Arising from Contingencies in a Business Combination (FSP FAS 141(R)-1 issued 4/1/09. Updated April 7, 2009) |
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| FIN 48—Applicability for Private Entities (Updated January 20, 2009) |
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Pass-Through Entities & Amendments to Existing Disclosure Requirements
(Phase 2) |
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| Technical Corrections to FASB Statements and Other U.S. GAAP Literature (Exposure Draft issued 3/16/09. Updated March 25, 2009) |
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| Amend Statement 162, GAAP Hierarchy, and Approve FASB Accounting Standards Codification (Exposure Draft issued 3/27/09. Updated March 30, 2009) |
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| Disclosure of Certain Loss Contingencies (Updated March 5, 2009) |
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| Reconsideration of Interpretation 46(R) (Updated April 7, 2009) |
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| Statement 140 Implementation: Transfers of Financial Assets (Updated March 6, 2009) |
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| Loan Loss Disclosures (Updated April 1, 2009) |
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| Postretirement Benefit Obligations including Pensions (Phase 2) (Updated January 21, 2009) |
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| Deferred Tax Assets and Liabilities on Available-for-Sale Debt Securities that Are Expected to Be Held to Recovery (Added to agenda 2/18/09) |
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| Oil and Gas Disclosures (Added to agenda 2/18/09. Updated February 20,2009) |
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| Treatment of Base Jackpot Liabilities of Casinos (Added to agenda 2/18/09) |
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| Reconsideration of the Scope of FAS 160 (Added to agenda 2/18/09) |
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| OTHER TECHNICAL ACTIVITIES: | ||||||
| XBRL (Updated June 19, 2007) |
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| FASB Accounting Standards Codification™ (Updated January 27, 2009) |
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| _____________________ *The IASB will meet in January 2009 to discuss the timing of documents of various joint projects and the FASB technical plan will be updated accordingly. |
Codes: |
| C – Comment Deadline DP – Discussion Paper E – Exposure Document F – Final Document R – Roundtable |