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Action Alert No. 07-40
October 4, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, October 10, 2007, 9:00 a.m.
- Liabilities and equity (estimated 30-minute discussion). The Board will discuss the comment period for the Preliminary Views.
- 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, October 10, 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 a future 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, FSP, or Statement 133 Implementation Issue.
September 26, 2007 Board Meeting
Derivative disclosures. The Board continued its redeliberations of the Exposure Draft, Disclosures about Derivative Instruments and Hedging Activities. The Board agreed to a revised tabular format for the presentation of information about the fair values of derivatives and gains and losses on derivatives. Information about gains and losses on hedged items in designated and qualifying fair value hedging relationships also should be disclosed.
The Board also directed the staff to research further (1) a proposal to require, rather than encourage, the qualitative disclosure of an entity’s objectives and strategies for using derivative instruments in the context of an entity’s overall risk management profile, as prescribed in paragraph 44 of FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, and (2) a proposal to require disclosure of the cumulative change in fair value of the hedged items in fair value hedging relationships.
Agenda decision: Interaction between Statement 13 and Statement 157. The Board added a project to its agenda to address issues related to the interaction between FASB Statement No. 13, Accounting for Leases, and FASB Statement No. 157, Fair Value Measurements. The Board discussed the initial fair value measurements used for determining lease classification when the lessor is not a manufacturer or dealer and how to apply the fair value measurement objective in Statement 157 to estimated residual values. The Board directed the staff to proceed to a draft of a proposed FSP for vote by written ballot that would amend the scope of Statement 157 to exclude Statement 13 and its related interpretive accounting pronouncements.
FASB ratification of EITF consensuses-for-exposure. The Board considered and ratified three consensuses-for-exposure reached at the September 11, 2007 EITF meeting on Issues No. 07-1, "Accounting for Collaborative Arrangements," No. 07-4, "Application of the Two-Class Method under FASB Statement No. 128 to Master Limited Partnerships," and No. 07-6, "Accounting for the Sale of Real Estate When the Agreement Includes a Buy-Sell Clause." The Board also approved the exposure of a draft abstract for each Issue and decided on the length of the comment period.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through November. 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, October 17, 2007—FASB Board Meeting
Wednesday, October 17, 2007—FASB Education Session
Monday, October 22, 2007—FASB/IASB Joint Board Meeting, Norwalk, CT
Tuesday, October 23, 2007—FASB/IASB Joint Board Meeting, Norwalk, CT
Wednesday, October 31, 2007—FASB Board Meeting
Wednesday, October 31, 2007—FASB Education Session
Wednesday, November 7, 2007—FASB Board Meeting
Wednesday, November 7, 2007—FASB Education Session
Tuesday, November 13, 2007—Investors Technical Advisory Committee Meeting
Wednesday, November 14, 2007—FASB Board Meeting
Wednesday, November 14, 2007—FASB Education Session
Friday, November 16, 2007—Liaison Meeting with Chartered Financial Analysts Institute
Wednesday, November 21, 2007—FASB Board Meeting
Wednesday, November 21, 2007—FASB Education Session
Wednesday, November 28, 2007—FASB Board Meeting
Thursday, November 29, 2007—Emerging Issues Task Force Meeting
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