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Action Alert No. 07-07
February 15, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, February 21, 2007, 9:00 a.m.
- Agenda decision: emission allowances (estimated 45-minute
discussion). The Board will discuss whether to add a project to its
agenda to addresses the accounting for emission allowances.
- 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, February 21, 2007, 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 February 28,
2007 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.
February 7, 2007 Board Meeting
Application
of Interpretation 46(R) to investment companies. The Board
discussed comments received on proposed FSP FIN 46(R)-d, "Application of
FASB Interpretation No. 46(R) to Investment Companies," and directed the
staff to proceed to a draft of a final FSP for vote by written ballot.
Implementation
guidance for Interpretation 48. The Board directed the staff to
proceed to a draft of a proposed FSP to amend FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes, for vote by written
ballot. The amendment would state that a tax position is considered to be
effectively settled through examination when all of the following
conditions have been satisfied:
- The taxing authority has completed its examination
- The enterprise does not intend to appeal or litigate any aspect of a
particular tax position for the completed examination
- Based on a taxing authority’s widely understood policy, the
enterprise considers it highly unlikely that the taxing authority would
subsequently examine or reexamine a particular tax position once the
examination process is completed.
FASB DOCUMENT AVAILABLE
FASB Statement No.
159, The Fair Value Option for Financial Assets and Financial
Liabilities, was issued on February 15, 2007, and is available on the
FASB website.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
March. 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, February 28, 2007—FASB Board Meeting
Wednesday, February
28, 2007—FASB Education Session
Wednesday, March 7, 2007—FASB Board
Meeting
Wednesday, March 7, 2007—FASB Education Session
Wednesday,
March 14, 2007—FASB Board Meeting
Wednesday, March 14, 2007—FASB
Education Session
Thursday, March 15, 2007—Emerging Issues Task Force
Meeting
Tuesday, March 20, 2007—Financial Accounting Standards Advisory
Council Meeting
Wednesday, March 21, 2007—FASB Board
Meeting
Wednesday, March 21, 2007—FASB Education Session
Tuesday,
March 27, 2007—Not-for-Profit Roundtable Meeting
Wednesday, March 28,
2007—FASB Board Meeting
Wednesday, March 28, 2007—FASB Education
Session
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