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Action Alert No. 07-46
November 15, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, November 21, 2007, 9:00 a.m.
- Conceptual
framework: measurements (estimated 90-minute discussion).
The Board will (a) review its tentative decisions in Milestone I of the
measurement phase, (b) discuss a revised work program for Milestone II
of the measurement phase, and (c) preview a measurement basis decision
tool that the staff is developing.
- Financial
guarantee insurance (estimated 60-minute discussion). The
Board will begin redeliberations of the FASB Exposure Draft,
Accounting for Financial Guarantee Insurance Contracts. The Board
will discuss certain aspects of the scope, claim liability recognition
and measurement, and premium revenue recognition.
- 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
Tuesday, November 20, 2007, 1:00 p.m.
The education session will be held on Tuesday instead of
Wednesday.
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 sessions.
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.
November 7, 2007 Board Meeting
Agenda decision: deferral of the effective date of Interpretation 48
for nonpublic entities. The Board discussed the deferral of FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes,
for nonpublic entities, and decided to add a project to its agenda to
defer the effective date of Interpretation 48 for all nonpublic entities,
including nonpublic not-for-profit entities, to fiscal years beginning
after December 15, 2007. Nonpublic entities that have already applied the
provisions of Interpretation 48 and whose financial statements have been
issued to third parties would not be eligible for the deferral.
The Board directed the staff to proceed to a draft of a proposed FSP,
with a 30-day comment period, for vote by written ballot.
Statement
133 hedging. The Board continued its discussions of a fair value
hedge accounting approach that would fundamentally change the current
hedge accounting model in FASB Statement No. 133, Accounting for
Derivative Instruments and Hedging Activities. The Board discussed the
fair value hedge accounting approach for cash flow hedges in the context
of scope, requirements for hedge accounting, and measuring and reporting
hedge ineffectiveness. The Board also discussed the accounting for an
entity’s own existing recognized debt within the fair value hedge
accounting approach for both fair value hedges and cash flow hedges.
The Board decided to retain cash flow hedge accounting for items
currently within the scope of Statement 133. The Board decided to require
that the balance of accumulated other comprehensive income reflect the
cumulative change in the fair value of the perfect derivative, effectively
requiring that ineffectiveness be reported in earnings for both overhedges
and underhedges.
For situations in which an entity enters into a derivative to
synthetically create variable-rate debt, the Board decided to permit the
ability to hedge changes in fair value of the hedged item attributable to
changes in the benchmark interest rate if the hedge is designated at the
time the hedged item is initially recognized. For situations in which an
entity enters into a derivative to synthetically create fixed-rate debt,
the Board decided to permit the ability to designate the derivative as
hedging the exposure to variability in expected future interest cash flows
that is attributable to changes in the designated benchmark rate if the
hedge is designated at the time the issued debt is recognized.
The Board directed the staff to further research dedesignation and
redesignation issues as they relate to forecasted transactions within the
cash flow hedging model.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
January. 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, November 28, 2007—FASB Board Meeting
Thursday, November
29, 2007—Emerging Issues Task Force Meeting
Wednesday, December 5,
2007—FASB Board Meeting
Wednesday, December 5, 2007—FASB Education
Session
Thursday, December 6, 2007—Financial Accounting Standards
Advisory Council Meeting
Friday, December 7, 2007—Small Business
Advisory Committee Meeting
Wednesday, December 12, 2007—FASB Board
Meeting
Wednesday, December 12, 2007—FASB Education
Session
Wednesday, December 19, 2007—FASB Board Meeting
Wednesday,
December 19, 2007—FASB Education Session
Friday, January 4,
2008—FASB Board Meeting (tentative)
Friday, January 4, 2008—FASB
Education Session
Wednesday, January 9, 2008—FASB Board
Meeting
Wednesday, January 9, 2008—FASB Education Session
Wednesday,
January 16, 2008—FASB Board Meeting
Wednesday, January 16, 2008—FASB
Education Session
Wednesday, January 23, 2008—FASB Board
Meeting
Wednesday, January 23, 2008—FASB Education Session
Friday,
January 25, 2008—Liaison Meeting with National
Association of Real Estate Investment Trusts
Wednesday, January 30,
2008—FASB Board Meeting
Wednesday, January 30, 2008—FASB Education
Session
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