|
Revised 3/4/08—See below
Action Alert No. 08-09
February 28, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, March 5, 2008, 9:00 a.m.
- Determining whether instruments granted in share-based payment transactions are participating securities (estimated 1-hour discussion). The Board will discuss issues raised by respondents to proposed FSP EITF 03-6-a, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. The Board also will discuss the effective date and transition and whether to issue the FSP as final.
- Accounting for certain nonfinancial liabilities: contingency disclosures [Revised 3/4/08—This topic will be rescheduled to a future date.]
- 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 SESSIONS
Wednesday, March 5, 2008, 8:00 a.m.
Wednesday, March 5, 2008, following the Board meeting
The Board will hold educational, non-decision-making sessions 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.
February 20, 2008 Board Meeting
Conceptual framework: objectives and qualitative characteristics, and reporting entity. The Board discussed three issues that arose during the review of drafts of the forthcoming Exposure Draft on the objectives of financial reporting and qualitative characteristics of financial information and Preliminary Views on the reporting entity. Those issues were as follows:
- How to address constituents’ concerns about the potential implications of selecting the entity perspective in developing the objective of financial reporting for the forthcoming Exposure Draft and for the related Preliminary Views. The Board affirmed its decision that general purpose financial reporting is directed at the reporting by an entity to its capital providers rather than reporting from the perspective of a particular class of capital providers. The Board directed the staff to prepare an analysis of the implications of selecting the entity perspective for consideration in drafting of those documents. The Board expressed its willingness to engage in additional outreach but also expressed that the staff analysis be timely so as not to cause undue delay in the release of the forthcoming Exposure Draft and Preliminary Views.
- Whether to use the term accuracy or free from error to describe a component of faithful representation. The Board expressed a preference for the term accuracy. This is because the term free from error also could be deemed absolute. However, the Board also directed the staff to consider drafting the discussion of the qualitative characteristic of faithful representation without using either term or the need for any specific components of faithful representation.
- How to strengthen the discussion of comparability in the conceptual framework. The Board provided suggestions for improving the discussion of comparability in the forthcoming Exposure Draft.
FASB DOCUMENTS AVAILABLE
The following proposed FSPs are available on the FASB website:
FSP FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures (February 22, 2008). Comments are requested by April 18, 2008.
FSP SOP 90-7-a, An Amendment of AICPA Statement of Position 90-7 (February 27, 2008). Comments are requested by March 28, 2008.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through April. 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, March 11, 2008—FASB Education Session
Wednesday, March 12, 2008—FASB Board Meeting
Wednesday, March 12, 2008—Emerging Issues Task Force Meeting
Tuesday, March 18, 2008—Financial Accounting Standards Advisory Council Meeting
Wednesday, March 19, 2008—FASB Board Meeting
Wednesday, March 19, 2008—FASB Education Session
Wednesday, March 26, 2008—FASB Board Meeting
Wednesday, March 26, 2008—FASB Education Session
Wednesday, April 2, 2008—FASB Board Meeting
Wednesday, April 2, 2008—FASB Education Session
Wednesday, April 9, 2008—FASB Board Meeting
Wednesday, April 9, 2008—FASB Education Session
Wednesday, April 16, 2008—FASB Board Meeting
Wednesday, April 16, 2008—FASB Education Session
Monday, April 21, 2008—FASB/IASB Joint Board Meeting, London
Tuesday, April 22, 2008—FASB/IASB Joint Board Meeting, London
Thursday, April 24, 2008—FASB Education Session
Wednesday, April 30, 2008—FASB Board Meeting
Wednesday, April 30, 2008—FASB Education Session
|
|