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Action Alert No. 03-25
June 25, 2003
NOTICE OF MEETINGS
OPEN BOARD MEETING
No Board meetings are planned for the week of June 30, 2003. The next Board meeting is scheduled for Wednesday, July 9, and topics for that meeting will be announced in next week’s issue of Action Alert.
OPEN EDUCATION SESSION
Monday, July 7, 2003, 1:30 p.m.
The Board will hold an educational, non-decision-making session to discuss topics that are anticipated to be discussed at the July 9 Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.
BOARD ACTIONS
The Board Actions are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions are included in an Exposure Draft for formal comment only after a formal written ballot. Decisions in an Exposure Draft may be (and often are) changed in redeliberations based on information provided to the Board in comment letters, at public hearings, and through other communication channels. Decisions become final only after a formal written ballot to issue a final Statement or Interpretation.
June 18, 2003 Board Meeting
Stock-based compensation. The Board discussed measurement of stock-based transactions with nonemployees. The Board affirmed its previous decision that the measurement objective should be the same for both employee and nonemployee stock-based compensation transactions. The Board directed the staff to explore the notion of "fair value at the date of exchange" as the measurement objective for all stock-based compensation transactions.
AcSEC CLEARANCE
June 18, 2003 Board Meeting
AcSEC document. The Board met with representatives of the AICPA's Accounting Standards Executive Committee (AcSEC) to consider whether and, if so, how AcSEC should proceed with its proposed Statement of Position (SOP), Accounting for Real Estate Time-Sharing Transactions. The Board did not object to AcSEC continuing its deliberations of the proposed SOP; however, the Board will reconsider whether AcSEC should provide any guidance on revenue recognition, in view of the status of the Board's broader project on revenue recognition, when the SOP is presented to the Board for final clearance in late 2003.
AcSEC DOCUMENT AVAILABLE
AcSEC issued an exposure draft of a proposed SOP, Allowance for Credit Losses, and is requesting comments by September 19, 2003. That proposed SOP is available from the AICPA at www.aicpa.org/members/div/acctstd/edo/index.htm.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through July. 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.
Tuesday, July 8, 2003—Option Valuation Group Meeting
Wednesday, July 9, 2003—FASB Board Meeting
Wednesday, July 9, 2003—FASB Education Session
Wednesday, July 16, 2003—FASB Board Meeting
Wednesday, July 16, 2003—FASB Education Session
Wednesday, July 23, 2003—FASB Board Meeting
Wednesday, July 23, 2003—FASB Education Session
Tuesday, July 29, 2003—Liaison Meeting with the Edison Electric Institute
Wednesday, July 30, 2003—FASB Board Meeting
Wednesday, July 30, 2003—FASB Education Session
Thursday, July 31, 2003—Emerging Issues Task Force Meeting
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