Action Alert No. 06-45
November 9, 2006

NOTICE OF MEETINGS

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

Wednesday, November 15, 2006, 9:00 a.m.

  1. Conceptual framework: elements (estimated 30-minute discussion). The Board plans to continue its discussions of the elements phase (Phase B) and will focus on issues surrounding the present distinction between liabilities and equity, including whether such a distinction requires separate elements or perhaps more than two elements.

  2. Financial instruments: liabilities and equity (estimated 60-minute discussion). The Board will discuss certain open issues that need to be resolved to complete the reassessed expected outcomes (REO) approach for classifying and measuring financial instruments.

  3. Reporting discontinued operations (estimated 30-minute discussion). In response to an agenda request from the National Association of Real Estate Investment Trusts, the Board will consider whether to add a project to its technical agenda to address reporting discontinued operations in the real estate investment trusts (REIT) industry.

  4. 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, November 15, 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 November 21, 2006 Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.

OPEN MEETING OF THE EMERGING ISSUES TASK FORCE
(This meeting is available by audio webcast and telephone.)

Thursday, November 16, 2006, 8:00 a.m. – 3:30 p.m.

The Task Force plans to discuss all of the following issues in the order shown:

  1. Issue No. 06-9, "Reporting a Change in (or the Elimination of) a Previously Existing Difference between the Fiscal Year-End of a Parent Company and That of a Consolidated Entity or between the Reporting Period of an Investor and That of an Equity Method Investee"

  2. Issue No. 06-8, "Applicability of the Assessment of a Buyer's Continuing Investment under FASB Statement No. 66 for Sales of Condominiums"

  3. Issue No. 06-10, "Accounting for the Deferred Compensation and Postretirement Benefit Aspects of Collateral Assignment Split-Dollar Life Insurance Arrangements"

  4. Issue No. 06-12, "Application of AICPA Audit and Accounting Guide, Brokers and Dealers in Securities, to Entities That Engage in Commodity Trading Activities"

  5. Issue No. 06-11, "Accounting for the Tax Benefit of Dividends on Restricted Stock and Option Awards"

  6. Issue No. 06-6, "Debtor's Accounting for a Modification (or Exchange) of Convertible Debt Instruments"

  7. Issue No. 06-7, "Issuer's Accounting for a Previously Bifurcated Conversion Option in a Convertible Debt Instrument When the Conversion Option No Longer Meets the Bifurcation Criteria in FASB Statement No. 133."

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.

November 1, 2006 Board Meeting

Application of Interpretation 46(R) to investment companies. The Board decided to proceed with the exposure of a proposed FSP on the application of FASB Interpretation No. 46 (revised December 2003), Consolidation of Variable Interest Entities, to investment companies. The proposed FSP would amend paragraph 4(e) of Interpretation 46 to extend the current scope exception to encompass all investment companies subject to the AICPA Accounting and Audit Guide, Investment Companies. The Board directed the staff to proceed to a draft of a proposed FSP for vote by written ballot.

PROPOSED STATEMENT 133 IMPLEMENTATION ISSUE AVAILABLE

Proposed Statement 133 Implementation Issue No. B40, "Embedded Derivatives: Application of Paragraph 13(b) to Securitized Interests in Prepayable Financial Assets," was posted to the FASB website on November 8, 2006. Comments are requested by December 8, 2006.

FUTURE OPEN MEETINGS

The following is a list of open meetings tentatively scheduled through December. 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, November 21, 2006—FASB Board Meeting
Tuesday, November 21, 2006—FASB Education Session
Wednesday, November 29, 2006—FASB Board Meeting
Wednesday, November 29, 2006—FASB Education Session
Wednesday, December 6, 2006—FASB Board Meeting
Wednesday, December 6, 2006—FASB Education Session
Thursday, December 7, 2006—Financial Accounting Standards Advisory Council Meeting
Friday, December 8, 2006—Small Business Advisory Committee Meeting
Wednesday, December 13, 2006—FASB Board Meeting
Wednesday, December 13, 2006—FASB Education Session
Wednesday, December 20, 2006—FASB Board Meeting
Wednesday, December 20, 2006—FASB Education Session
Wednesday, December 27, 2006—No FASB Board Meeting or Education Session scheduled


†FASB Meetings Available by Audio Webcast and Telephone

To monitor available live meetings free of charge by audio webcast, access the link http://www.trz.cc/fasb/live.html. To monitor by telephone, call 1-800-846-4717. You will be charged $.45 per minute, and VISA, MasterCard, American Express, or Discover Card is required. To listen to a recording of the most recent Board meeting via webcast free of charge, access the link http://www.trz.cc/fasb/archive.html. To listen to a recording by telephone, for a charge of $.45 per minute, call 1-800-462-0393. Questions can be directed to 1-800-846-4630.

Handouts distributed to the audience at Board meetings are posted to our website one-half hour before the start of the meeting. A synopsis of each issue to be discussed at EITF meetings also is posted to this website.

Education sessions are not available by audio webcast or telephone, and no handouts are distributed to the audience.