Action Alert No. 07-22
May 31, 2007

NOTICE OF MEETINGS

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

No Board meetings are planned for the week of June 4, 2007. The next scheduled Board meeting is Wednesday, June 13, 2007, and will be announced in next week’s issue of Action Alert.

OPEN EDUCATION SESSION

Friday, June 8, 2007, 1:00 p.m., if needed

The Board will hold an educational, non-decision-making session to discuss topics that are anticipated to be discussed at a future Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.

OPEN MEETING WITH REPRESENTATIVES OF THE FINANCIAL EXECUTIVES INTERNATIONAL

Friday, June 8, 2007, 9:00 – 11:00 a.m.

The Board will meet with representatives of the Financial Executives International Committee on Corporate Reporting to discuss matters of mutual interest.

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, FSP, or Statement 133 Implementation Issue.

May 23, 2007 Board Meeting

Agenda decision: hybrid financial instruments. The Board discussed a request for additional guidance relating to SEC Topic No. D-109, “Determining the Nature of a Host Contract Related to a Hybrid Financial Instrument Issued in the Form of a Share under FASB Statement No. 133.” Given the effective date and limited scope of Topic D-109, the Board decided not to add a project to its agenda primarily because it was concerned that if the Board were to mandate an approach other than what is prescribed under Topic D-109, some registrants may be subject to multiple transitions within a fiscal year.

Agenda decision: Statement 133 hedging. The Board added a project to its agenda to address the accounting for hedging activities in FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities. The Board directed the staff initially to develop further a fair value approach. The Board also may consider at a later date whether to develop further a bifurcation-by-risk approach.

FUTURE OPEN MEETINGS

The following is a list of open meetings tentatively scheduled through July. 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, June 12, 2007—Investors Technical Advisory Committee Meeting
Wednesday, June 13, 2007—FASB Board Meeting
Wednesday, June 13, 2007—FASB Education Session
Thursday, June 14, 2007—Emerging Issues Task Force Meeting
Tuesday, June 19, 2007—Financial Accounting Standards Advisory Council Meeting
Wednesday, June 20, 2007—Small Business Advisory Committee Meeting
Thursday, June 21, 2007—FASB Board Meeting
Thursday, June 21, 2007—FASB Education Session
Wednesday, June 27, 2007—FASB Board Meeting
Wednesday, June 27, 2007—FASB Education Session
Thursday, July 5, 2007—FASB Education Session
Wednesday, July 11, 2007—FASB Board Meeting
Wednesday, July 11, 2007—FASB Education Session
Wednesday, July 18, 2007—FASB Board Meeting
Wednesday, July 18, 2007—FASB Education Session
Wednesday, July 25, 2007—FASB Board Meeting
Wednesday, July 25, 2007—FASB Education Session