MEDIA ADVISORY 09/10/10

FASB Announces Series of Public Roundtables to Solicit Input on Proposal for Accounting for Financial Instruments and Other Proposed Standards

Norwalk, CT, September 10, 2010—The Financial Accounting Standards Board (FASB) has announced it will host five public roundtable meetings over the course of three days to elicit input from its stakeholders on the proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities—Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815). The roundtables are the first in a series of such forums planned for the fall and are designed to provide interested stakeholders the opportunity to express their views on major FASB projects in progress.

“As part of the Board’s robust due process, we believe it is important to elicit as much input as possible on the accounting for financial instruments Exposure Draft and other major FASB proposals,” states FASB member Leslie Seidman. “Hosting a series of fall roundtables, in addition to the written comment period currently under way for this and other proposals, will help ensure that we receive the broad feedback we need on this and other projects from our diverse audience of constituents who share an interest in high- quality financial reporting.”

Participants at each roundtable represent a wide variety of perspectives, including those of preparers, auditors, and users. The Board is still seeking private company and not-for-profit stakeholders to participate in the October 12, 2010 roundtable. Any individual or organization representing those constituencies desiring to participate in that roundtable should notify the FASB by sending an email to director@fasb.org. Those interested in observing the roundtables must pre-register for specific sessions. Each session will be audiocast live at www.fasb.org.

The roundtables on accounting for financial instruments are scheduled as follows:

Tuesday, October 12, 2010
FASB Public Roundtable Meeting with Private Companies and Not-for-Profit Entities on the FASB Exposure Draft on Accounting for Financial Instruments
Time: 9:00 a.m. – 12:00 p.m.
Location: FASB offices, 401 Merritt 7, Norwalk, CT 06856
This session will focus on the impact of the proposed guidance on private companies and not-for-profit entities.

Monday, October 18, 2010
FASB Public Roundtable Meetings on the FASB Exposure Draft on Accounting for Financial Instruments
Session 1: 9:00 a.m. – 12:00 p.m.
Session 2: 1:00 p.m. – 4:00 p.m.
Location: Baruch College, Newman Conference Center, Room H750, 151 East 25th Street, 7th Floor, New York, NY 10010

Tuesday, October 19, 2010
FASB Public Roundtable Meetings on the FASB Exposure Draft on Accounting for Financial Instruments
Session 1: 9:00 a.m. – 12:00 p.m.
Session 2: 1:00 p.m. – 4:00 p.m.
Location: FASB offices, 401 Merritt 7, Norwalk, CT 06856

The schedule for roundtables focused on other major FASB proposals will be announced in the coming weeks.


About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.