Action Alert No. 08-39
September 25, 2008

NOTICE OF MEETINGS

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

Wednesday, October 1, 2008, 9:00 a.m.

  1. Applicability of FASB Interpretation No. 48 to private entities (estimated 1-hour discussion). The Board will discuss issues relating to whether private companies should be exempt from certain disclosure requirements of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes. In addition, the Board will discuss providing guidance on the applicability of Interpretation 48 to pass-through and not-for-profit entities.

  2. [Revised 10/01/08: This topic was added to the Board meeting agenda.] Determining fair value in a market that is not active. The Board will address a goal of providing additional guidance on fair value accounting consistent with the principles of FASB Statement No. 157, Fair Value Accounting,  regarding the valuation of assets when markets have become inactive. A proposed FSP regarding additional guidance on Statement 157 will be presented and discussed.

  3. [Revised 10/01/08: This topic will not be discussed at today's Board meeting and will be discussed at a future meeting.] Mergers and acquisitions by a not-for-profit organization (estimated 1-hour discussion). The Board will continue its discussion and decide whether to retain or modify the proposed requirements for (a) initial recognition and measurement of acquisitions by not-for-profit organizations and (b) subsequent accounting for any goodwill recognized as a result of the acquisition.

  4. 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 1, 2008, 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.

OPEN MEETING WITH REPRESENTATIVES OF THE CFA INSTITUTE
(This meeting is available by audio webcast and telephone.)

Thursday, October 2, 2008, 8:30 a.m. - 12:30 p.m.

The Board will meet with representatives of the Corporate Disclosure Policy Committee of the CFA Institute to discuss matters of mutual interest.

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 18, 2008 Board Meeting

Mergers and acquisitions by a not-for-profit organization. The Board discussed the input it received about the operationality of the proposed criterion for distinguishing between a merger of not-for-profit organizations and an acquisition by a not-for-profit organization. That criterion is important because the Board previously decided that a merger should be accounted for differently from an acquisition—that is, by combining the carrying values of the merging organizations rather than by applying the acquisition method. The Board sought input on the proposed criterion through a May 2008 request for additional comments on the potential revision to the October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions (posted to the FASB website), and through field visits with various not-for-profit organizations. This meeting was informational and no Board decisions were reached; however, the Board will continue its discussion of this topic at its September 24, 2008 meeting.

FASB DOCUMENT AVAILABLE

Proposed FSP FAS 144-d, Amending the Criteria for Reporting a Discontinued Operation, was issued on September 25, 2008, and is available on the FASB website. The comment period ends January 23, 2009.

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 8, 2008—FASB Board Meeting
Wednesday, October 8, 2008—FASB Education Session
Wednesday, October 15, 2008—FASB Board Meeting
Wednesday, October 15, 2008—FASB Education Session
Monday, October 20, 2008—FASB/IASB Joint Board Meeting, Norwalk, CT
Tuesday, October 21, 2008—FASB/IASB Joint Board Meeting, Norwalk, CT
Wednesday, October 22, 2008—FASB Education Session
Wednesday, October 29, 2008—FASB Board Meeting
Wednesday, October 29, 2008—FASB Education Session
Wednesday, November 5, 2008—FASB Board Meeting
Wednesday, November 5, 2008—FASB Education Session
Tuesday, November 11, 2008—Investors Technical Advisory Committee Meeting
Wednesday, November 12, 2008—FASB Board Meeting
Wednesday, November 12, 2008—Emerging Issues Task Force Meeting
Thursday, November 13, 2008—Emerging Issues Task Force Meeting
Wednesday, November 19, 2008—FASB Board Meeting
Wednesday, November 19, 2008—FASB Education Session
Tuesday, November 25, 2008—FASB Board Meeting
Tuesday, November 25, 2008—FASB Education Session