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Action Alert No. 08-30
July 24, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, July 30, 2008, 9:00 a.m.
- Reconsideration
of Interpretation 46(R) and Statement
140 implementation: transfers of financial assets. (estimated
1-hour discussion). The Board will reconsider the effective date and
transition provisions for the Exposure Drafts to be issued that will
amend FASB Statement No. 140, Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities, and FASB
Interpretation No. 46 (revised December 2003), Consolidation of
Variable Interest Entities. Additionally, the Board will consider
transitional disclosures and the timing of both projects.
- 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, July 30, 2008, 10:30 a.m.
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.
July 16, 2008 Board Meeting
Revenue
recognition. The Board discussed the plan for completing the
revenue recognition project. The Board agreed that a Preliminary Views
should be issued later this year with at least a four-month comment
period. The Board also agreed that the revenue recognition project is a
high priority and that the goal is to issue a general revenue recognition
standard by June 2011.
The Board also discussed the potential scope of a general revenue
recognition standard. However, no decision was made and the issue will be
discussed at a future Board meeting.
The Board agreed that at contract inception, a bundle of identified
performance obligations would be measured at the contract price, thus
precluding revenue (or gain) recognition at contract inception. An entity
would allocate the contract price to individual performance obligations
based on its actual (or estimated) selling prices for the promised goods
and services.
Finally, the Board affirmed its May 2008 decision that performance
obligations should be remeasured only if they are deemed onerous. The
Board rejected the possibility of remeasuring performance obligations
because they have regularly observable exit prices or because they span
multiple accounting periods and are highly uncertain.
Statement
140 implementation: transfers of financial assets. The Board
discussed the fair value practicability exception as part of its
short-term project to amend FASB Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities, and decided to remove that exception in its entirety.
Disclosures
about plan assets. The Board began redeliberations of proposed FSP
FAS 132(R)-a, Employers' Disclosures about Postretirement Benefit Plan
Assets. The Board discussed a number of issues raised in comment
letters on the proposed FSP relating to the disclosures about categories
of plan assets and concentrations of risk. The Board decided the
following:
- Materiality guidance should not be provided for disclosing
significant plan asset categories.
- Postretirement benefit plan assets will continue to be excluded from
the scope of paragraph 15A of FASB Statement No. 107, Disclosures
about Fair Value of Financial Instruments, which requires
disclosures about concentrations of credit risk of financial
instruments.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
September. 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, August 6, 2008—FASB Board Meeting
Wednesday, August 6,
2008—FASB Education Session
Wednesday, August 13, 2008—FASB Board
Meeting
Wednesday, August 13, 2008—FASB Education Session
Wednesday,
August 27, 2008—FASB Board Meeting
Wednesday, August 27, 2008—FASB
Education Session
Wednesday, September 3, 2008—FASB Board
Meeting
Wednesday, September 3, 2008—FASB Education Session
Monday,
September 8, 2008—Liabilities and Equity Roundtable Meeting
Wednesday,
September 10, 2008—FASB Board Meeting
Wednesday, September 10,
2008—Emerging Issues Task Force Meeting
Monday, September 15,
2008—Liaison Meeting with the AICPA Private Companies Practice Section,
Technical Issues Committee
Wednesday, September 17, 2008—FASB Education
Session
Thursday, September 18, 2008—FASB Board Meeting
Monday,
September 22, 2008—Financial Accounting Standards Advisory Council
Meeting
Tuesday, September 23, 2008—Financial Accounting Standards
Advisory Council Meeting
Wednesday, September 24, 2008—FASB Board
Meeting
Wednesday, September 24, 2008—FASB Education Session
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