Action Alert No. 07-41 October 11, 2007

FASB: Action Alert No. 07-41

Action Alert No. 07-41
October 11, 2007

NOTICE OF MEETINGS

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

Wednesday, October 17, 2007, 8:00 a.m.

The Board meeting will begin at 8:00 a.m. instead of 9:00 a.m.

  1. Conceptual framework: elements and recognition (estimated 45-minute discussion). The Board will discuss examples of application of the proposed working definition of an asset and the staff’s recommendations for making further improvements to that definition. The Board also will discuss whether to proceed with work on other milestones of this phase, which include recognition, derecognition, unit of account, and the definitions of liabilities and other elements.

  2. Accounting for leases (estimated 90-minute discussion). The Board will discuss other lessee obligations and variable lease payments. The meeting will be informational and no decisions are expected.

  3. Statement 133 hedging (estimated 90-minute discussion). The Board will discuss a fair value hedging approach to accounting for hedging activities.

  4. Agenda decision: deferral of the effective date of Statement 157 (estimated 60-minute discussion). The Board will discuss and consider factors affecting the application of FASB Statement No. 157, Fair Value Measurements, which is effective for fiscal years beginning after November 15, 2007.

  5. Agenda decision: SOP 07-1/Statement 159 implementation (estimated 45-minute discussion). The Board will discuss whether to add a project to its agenda to address implementation issues raised by constituents about AICPA Statement of Position (SOP) 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies, including its interaction with FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities.

  6. 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, October 17, 2007, 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

No Board meetings were held during the week of October 1, 2007.

FUTURE OPEN MEETINGS

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

Monday, October 22, 2007—FASB/IASB Joint Board Meeting, Norwalk, CT
Tuesday, October 23, 2007—FASB/IASB Joint Board Meeting, Norwalk, CT
Wednesday, October 24, 2007—FASB Education Session
Wednesday, October 31, 2007—FASB Board Meeting
Wednesday, October 31, 2007—FASB Education Session
Wednesday, November 7, 2007—FASB Board Meeting
Wednesday, November 7, 2007—FASB Education Session
Tuesday, November 13, 2007—Investors Technical Advisory Committee Meeting
Wednesday, November 14, 2007—FASB Board Meeting
Wednesday, November 14, 2007—FASB Education Session
Friday, November 16, 2007—Liaison Meeting with Chartered Financial Analysts Institute
Wednesday, November 21, 2007—FASB Board Meeting
Wednesday, November 21, 2007—FASB Education Session
Wednesday, November 28, 2007—FASB Board Meeting
Thursday, November 29, 2007—Emerging Issues Task Force Meeting