Action Alert No. 04-29
July 29, 2004

NOTICE OF MEETINGS

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

Wednesday, August 4, 2004, 9:00 a.m.

  1. Revenue recognition. The Board will discuss certain issues relating to measuring performance obligations at fair value. Specifically, the Board will consider (a) accounting for contractual obligations from a customer perspective versus a reporting entity perspective and (b) the effects of fair value measurement uncertainties on the recognition of revenue at contract inception. In addition, the Board will discuss (a) whether fair value measurement contradicts the notion that revenues generally arise from extinguishment of obligations to the reporting entity's customers and (b) whether the Board's decision that performance obligations should be measured in the most advantageous market to which the entity has reasonable access is consistent with decisions made in the Board’s project on fair value measurement. (Estimated 2-hour discussion.)

  2. Short-term convergence. The Board will discuss a summary of comments received on the four Exposure Drafts issued in the first phase of its short-term convergence project. The Board also plans to begin redeliberation of the provisions of its Exposure Draft, Earnings per Share. (Estimated 45-minute discussion.)

  3. Equity-based compensation (EBC). The Board will discuss a summary of comments received on the March 2004 Exposure Draft, Share-Based Payment, an amendment of FASB Statement No. 123, Accounting for Stock-Based Compensation, and Statement No. 95, Statement of Cash Flows. The Board also will begin redeliberations of certain issues including recognition and measurement of EBC transactions. (Estimated 2-hour discussion.)

  4. Servicing rights. The Board will discuss the remaining issues related to its project on servicing rights including comment period, effective date, transition, and disclosures. (Estimated 60-minute discussion.)

  5. 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

Thursday, August 5, 2004, 9:00 a.m.

The Board will hold an educational, non-decision-making session to discuss topics that are anticipated to be discussed at the August 11, 2004 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 July 19, 2004.

FUTURE OPEN MEETINGS

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

Wednesday, August 11, 2004—FASB Board Meeting
Wednesday, August 11, 2004—FASB Education Session
Wednesday, August 18, 2004—FASB Board Meeting
Wednesday, August 18, 2004—FASB Education Session
Wednesday, August 25, 2004—FASB Board Meeting
Wednesday, August 25, 2004—FASB Education Session
Friday, August 27, 2004—Liaison Meeting with the Financial Managers Society
Wednesday, September 1, 2004—FASB Board Meeting
Wednesday, September 1, 2004—FASB Education Session
Wednesday, September 8, 2004—FASB Education Session
Tuesday, September 14, 2004—Liaison Meeting with the Institute of Management Accountants
Wednesday, September 15, 2004—FASB Board Meeting
Wednesday, September 15, 2004—FASB Education Session
Monday, September 20, 2004—Liaison Meeting with the American Gas Association
Tuesday, September 21, 2004—Fair Value Measurement Roundtable Discussion
Wednesday, September 22, 2004—FASB Board Meeting
Wednesday, September 22, 2004—FASB Education Session
Thursday, September 23, 2004—Financial Accounting Standards Advisory Council Meeting
Wednesday, September 29, 2004—FASB Board Meeting
Wednesday, September 29, 2004—Emerging Issues Task Force Meeting
Thursday, September 30, 2004—Emerging Issues Task Force Meeting