Action Alert No. 08-23
June 5, 2008

NOTICE OF MEETINGS

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

Wednesday, June 11, 2008, 1:00 p.m.

The Board meeting will begin at 1:00 p.m. instead of 9:00 a.m.

  1. Mergers and acquisitions by a not-for-profit organization (estimated 30-minute discussion). The Board will continue its redeliberations of issues raised by respondents to the October 2006 Exposure Drafts. The meeting will focus on proposals for the recognition and measurement of intangible assets and the related application guidance for donor-related intangible assets, including donor lists and donor-related relationships. The Board also will begin discussion of the initial accounting for goodwill acquired or a contribution received in an acquisition.

  2. Reconsideration of Interpretation 46(R) (estimated 2-hour discussion). The Board will discuss options for guidance for determining the primary beneficiary in a variable interest entity. The Board also will consider possibly discussing whether additional guidance should be developed regarding the purpose and design of a variable interest entity including the risks the entity was designed to create and pass through to interest holders (for example, interest rate risk).

  3. Statement 140 implementation: transfers of financial assets (estimated 30-minute discussion). The Board will discuss issues related to transfers of financial assets in regard to whether a minimum third-party investment should be required for sale accounting.

  4. Reconsideration of Interpretation 46(R) and Statement 140 implementation: transfers of financial assets (estimated 45-minute discussion). The Board will discuss the comment period, effective date, and transition provisions for the Exposure Drafts to be issued on 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.

  5. 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

Tuesday, June 10, 2008, 9:00 a.m.
Wednesday, June 11, 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.

OPEN MEETING OF THE INVESTORS TECHNICAL ADVISORY COMMITTEE

Tuesday, June 10, 2008, 2:30–4:00 p.m.

The Investors Technical Advisory Committee will meet with the Board to discuss matters of mutual interest.

OPEN MEETING OF THE EMERGING ISSUES TASK FORCE
(This meeting is available by audio webcast and telephone.)

Thursday, June 12, 2008, 9:00 a.m. – 5:00 p.m.

The Task Force plans to discuss all of the following issues in the order shown:

  1. Issue No. 08-5, "Issuer's Accounting for Liabilities Measured at Fair Value with a Third-Party Guarantee"

  2. Issue No. 07-5, "Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock"

  3. Issue No. 08-2, "Lessor Revenue Recognition for Maintenance Services"

  4. Issue No. 08-3, "Accounting by Lessees for Maintenance Deposits under Lease Arrangements"

  5. Issue No. 08-4, "Transition Guidance for Conforming Changes to EITF Issue No. 98-5"

  6. Issue No. 08-1, "Revenue Recognition for a Single Unit of Accounting."

BOARD ACTIONS

No Board meetings were held during the week of May 26, 2008.

EITF AGENDA DECISIONS

Subsequent to the EITF Agenda Committee meeting on May 6, 2008, the FASB Chairman announced the following decisions on the proposed new issues:

  1. Determining What Constitutes a Mine When Accounting for Stripping Costs Incurred during Production—This issue was not added to the EITF agenda.

  2. Fair Value of a Liability with a Third-Party Guarantee—This issue was added to the EITF agenda.

FASB DOCUMENTS AVAILABLE

The following exposure documents were issued and are available on the FASB website:

Proposed Statement, Disclosure of Certain Loss Contingencies (June 5, 2008). Comments are requested by August 8, 2008.

Proposed FSP FAS 133-b and FIN 45-c, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45 (May 30, 2008). Comments are requested by June 30, 2008.

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.

Monday, June 16, 2008—FAF/FASB Forum on High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting, New York City
Wednesday, June 18, 2008—FASB Board Meeting
Wednesday, June 18, 2008—FASB Education Session
Thursday, June 19, 2008—Liaison Meeting with Financial Executives International, Stamford, CT
Tuesday, June 24, 2008—Financial Accounting Standards Advisory Council Meeting
Wednesday, June 25, 2008—FASB Board Meeting
Wednesday, June 25, 2008—FASB Education Session
Friday, June 27, 2008—Small Business Advisory Committee Meeting
Thursday, July 3, 2008—FASB Education Session
Wednesday, July 9, 2008—FASB Board Meeting
Wednesday, July 9, 2008—FASB Education Session
Wednesday, July 16, 2008—FASB Board Meeting
Wednesday, July 16, 2008—FASB Education Session
Wednesday, July 23, 2008—FASB Board Meeting
Wednesday, July 23, 2008—FASB Education Session
Wednesday, July 30, 2008—FASB Board Meeting
Wednesday, July 30, 2008—FASB Education Session