|
Action Alert No. 05-02
January 13, 2005
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, January 19, 2005, 9:00 a.m.
- Short-term
convergence: income taxes. The Board will consider certain
differences between the provisions of FASB Statement No. 109,
Accounting for Income Taxes, and IAS 12, Income Taxes,
related to the tax rate to be used in measuring deferred tax assets and
liabilities. The Board also will discuss whether the project scope
should be expanded to include other differences between Statement 109
and IAS 12 identified by the staff. (Estimated 60-minute
discussion.)
- Conceptual
Framework. The Board will discuss a draft of an initial document
planned to communicate to constituents the purposes of (a) the FASB
Conceptual Framework and (b) this project to update and complete the
framework and converge it with the IASB’s Framework. (Estimated
30-minute discussion.)
- FASB Staff
Position: useful life and amortization of intangibles. The Board
will discuss how the factors in paragraph 11 of FASB Statement No. 142,
Goodwill and Other Intangible Assets, should be evaluated in
determining the useful life and amortization of intangible assets.
(Estimated 45-minute discussion.)
- Beneficial
interests. The Board will discuss issues regarding whether
concentrations of risks (including prepayment and credit risk) are
embedded derivatives that should be evaluated for bifurcation under FASB
Statement No. 133, Accounting for Derivative Instruments and Hedging
Activities. The Board will discuss whether interest-only and
principal-only strips should continue to be exempted from the provisions
of Statement 133 and whether they are derivatives or contain embedded
derivatives that should be evaluated for bifurcation purposes. The Board
also will discuss whether EITF Issue 99-20, "Recognition of Interest
Income and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets," should be subsumed in an amended standard
or maintained as a consensus. (Estimated 45-minute discussion.)
- Qualifying
special-purpose entities with isolation of transferred assets.
The Board will continue its discussion of the accounting for transfers
of financial assets under FASB Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities. The Board is expected to focus on whether certain or
all transfers involving portions of financial assets should require the
use of a qualifying special-purpose entity (QSPE) and whether more
specific implementation guidance should be provided on the requirements
for achieving isolation of financial assets. In particular the Board
will be asked to approve the proposed approach that would define
circumstances for which isolation could be achieved for portions of
assets without requiring a QSPE. (Estimated 60-minute
discussion.)
- FASB
Staff Position (FSP): suspended well costs. The Board will
consider whether to direct the staff to post to the website a proposed
FSP for public comment that would amend the guidance for suspended well
costs in FASB Statement No. 19, Financial Accounting and Reporting by
Oil and Gas Producing Companies. (Estimated 30-minute
discussion.)
- 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, January 19, 2005, immediately following the Board
meeting
The Board will hold an educational, non-decision-making session to
discuss topics that are anticipated to be discussed at the January 26,
2005 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 roundtable discussions, and
through other communication channels. Decisions become final only after a
formal written ballot to issue a final Statement or
Interpretation.
January 5, 2005 Board Meeting
FASB Staff Position (FSP). The Board instructed the staff to
proceed with the drafting of a Board-directed FSP on accounting for an
investor’s proportionate share of an investee’s equity adjustments for
other comprehensive income (OCI) upon a loss of significant influence. The
Board decided that the investor’s proportionate share of an investee’s
equity adjustments for OCI should be offset against the carrying value of
the investment at the time significant influence is lost and the
application of the equity method of accounting is discontinued.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
February. All meetings are held in Norwalk, Connecticut, unless otherwise
noted. 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, January 26, 2005—FASB Board Meeting
Wednesday, January
26, 2005—FASB Education Session
Friday, January 28, 2005—Liaison
Meeting with the American Bar Association
Wednesday, February 2,
2005—FASB Board Meeting
Wednesday, February 2, 2005—FASB Education
Session
Wednesday, February 9, 2005—FASB Board Meeting
Wednesday,
February 9, 2005—FASB Education Session
Wednesday, February 16,
2005—FASB Board Meeting
Wednesday, February 16, 2005—FASB Education
Session
Wednesday, February 23, 2005—FASB Board Meeting
Wednesday,
February 23, 2005—FASB Education Session
|
|