|
Action Alert No. 06-17
April 27, 2006
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, May 3, 2006, 9:00 a.m.
- Fair
value measurements (estimated 1-hour discussion). The
Board will discuss revisions to the fair value disclosures included in
the October 21, 2005 working draft of the final Statement on fair value
measurements.
- Accounting
for unrealized gains (losses) relating to derivative instruments
measured at fair value under Statement 133 (estimated 1-hour
discussion). The Board will discuss issues raised by respondents to
proposed FSP FAS 133-a, “Accounting for Unrealized Gains (Losses)
Relating to Derivative Instruments Measured at Fair Value under
Statement 133.” The discussion will focus on measurements at initial
recognition of derivative (other) instruments under FASB Statement No.
133, Accounting for Derivative Instruments and Hedging
Activities.
- Planned
major maintenance activities (estimated 15-minute
discussion). The Board will discuss the transition guidance that
will be included in the proposed FSP on accounting for planned major
maintenance activities.
- 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, May 3, 2006, 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 May 10, 2006
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, Interpretation, or
FSP.
April 19, 2006 Board meeting
Planned
major maintenance activities. The Board discussed plans to issue
an FSP on this project. The Board decided:
- Entities should recognize the guidance in this FSP as a change in
accounting principle through retrospective application to all prior
periods. This would include the recognition of:
- The cumulative effect of the change to the new accounting
principle on periods prior to those presented in the carrying amounts
of assets and liabilities as of the beginning of the first period
presented
- An offsetting adjustment, if any, made to the opening balance of
retained earnings (or other appropriate components of equity or net
assets in the statement of financial position) for that period
- Adjustments to financial statements for each individual prior
period presented to reflect the period-specific effects of applying
the new accounting principle.
If retroactive application of all years presented is not practicable,
the financial statements presented should be restated for as many
consecutive years as practicable and the cumulative effect of applying
the guidance in this FSP should be applied to the carrying amounts of
assets and liabilities as of the beginning of the earliest period to
which the FSP can be applied. An offsetting adjustment, if any, should
be made to the opening balance of retained earnings (or other
appropriate components of equity or net assets in the statement of
financial position) for that period. If it is not practicable to restate
any prior year, the cumulative effect should be included in retained
earnings in the year in which the guidance in the FSP is first
applied.
At the effective date of this FSP, entities should disclose:
- A description of the prior-period information that has been
retrospectively adjusted, if any
- The effect of the change on income from continuing operations, net
income, or any other affected financial statement line items, and any
affected per-share amounts for the current period and any prior
periods retrospectively adjusted
- The cumulative effect of the change on retained earnings or other
components of equity or net assets in the statement of financial
position as of the beginning of the earliest period presented.
- The FSP will be effective for fiscal years that begin after December
15, 2006, and early adoption would be permitted as long as an entity has
not issued financial statements, including interim financial statements,
for any period of that fiscal year.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
May. 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, May 9, 2006—Liaison Meeting with Healthcare Financial
Management Association
Wednesday, May 10, 2006—FASB Board
Meeting
Wednesday, May 10, 2006—FASB Education Session
Wednesday,
May 17, 2006—No FASB Board Meeting
Wednesday, May 17, 2006—FASB
Education Session
Wednesday, May 24, 2006—FASB Board
Meeting
Wednesday, May 24, 2006—FASB Education Session
Thursday, May
25, 2006—Liaison Meeting with American Accounting
Association
Wednesday, May 31, 2006—FASB Board Meeting
Wednesday,
May 31, 2006—FASB Education Session
|
|