Action Alert No. 05-36
September 8, 2005
NOTICE OF MEETINGS
OPEN BOARD MEETING
meetings are available by audio webcast and telephone.)
Wednesday, September 14, 2005, 9:00 a.m.
risk transfer. The Board will consider a working draft of
definitions of insurance terms and related supplemental guidance based
on IFRS 4, Insurance Contracts. (Estimated 60-minute discussion.)
value measurement. The Board will continue redeliberations of
the FASB Exposure Draft, Fair Value Measurements. The Board will
discuss the timing of a final Statement and address issues of effective
date and transition. (Estimated 60-minute discussion.)
fair value of certain derivative contracts under Statement 133.
The Board will discuss the timing of a draft of a proposed FSP and
address issues of effective date and transition. (Estimated 30-minute
impairment. The Board will discuss whether to retain the
guidance within proposed FSP EITF 03-1-a, “Implementation Guidance for
the Application of Paragraph 16 of EITF Issue No. 03-1,” for the
accounting for debt securities subsequent to an other-than-temporary
impairment and provide transition for this specific paragraph. (The
final FSP will be retitled FSP FAS 115-1, “The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain
Investments.”) (Estimated 30-minute discussion.)
- Mutual understanding of the key terms of a share-based payment
arrangement with an employee. The Board will discuss whether to
provide practical implementation guidance related to the requirement in
FASB Statement No. 123 (revised December 2004), Share-Based
Payment, that a mutual understanding of the key terms and conditions
of a share-based payment arrangement with an employee must be attained
in order to establish the grant date of the award. (Estimated
- 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, September 13, 2005, 9:00 a.m.
Wednesday, September 14,
2005, 8:00 a.m.
Wednesday, September 14, 2005, following the Board
The Board will hold educational, non-decision-making sessions to
discuss topics that are anticipated to be discussed at the September 21,
2005 Board meeting. Those topics will be posted to the FASB calendar four
days prior to the education session.
OPEN MEETING WITH THE FASB CREDITWORTHINESS RESOURCE GROUP
Monday, September 12, 2005, 9:00 a.m.
The Board will meet with members of the Creditworthiness Resource Group
to listen to their views and obtain information about whether the portion
of the change in a liability’s fair value attributable only to changes in
the debtor’s creditworthiness should be precluded from being recognized in
the debtor’s financial statements (or at least not recognized in the
OPEN MEETING OF THE EMERGING ISSUES TASK FORCE
(This meeting is
available by audio webcast and telephone.)
Thursday, September 15, 2005, 10:00 a.m. – 4:00 p.m.
The Task Force plans to discuss all of the following issues in the
- Issue No. 05-7, "Accounting for Modifications to Conversion Options
Embedded in Debt Securities and Related Issues"
- Issue No. 04-13, "Accounting for Purchases and Sales of Inventory
with the Same Counterparty"
- Issue No. 05-1, "Accounting for the Conversion of an Instrument That
Becomes Convertible upon the Issuer's Exercise of a Call Option"
- Issue No. 05-8, "Income Tax Consequences of Issuing Convertible Debt
with a Beneficial Conversion Feature."
The Task Force also plans to clarify the consensus reached at the June
15–16, 2005 EITF meeting on Issue No. 05-6, "Determining the Amortization
Period for Leasehold Improvements Purchased after Lease Inception or
Acquired in a Business Combination."
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 or
August 31, 2005 Board Meeting
performance reporting by business enterprises. The Board decided
that the following issues relating to financial reporting for interim
periods should be addressed in this project:
- Which financial statements, if any, should be required to be
presented in an interim financial report.
- Whether financial statements required in an interim financial report
should be allowed to be presented in a condensed format and, if so,
whether the Board should provide guidance related to how the information
may be condensed.
- What comparative periods, if any, should be required to be allowed
in interim financial reports and when, if ever, should 12-months-to-date
financial statements be required or allowed to be presented in interim
- Whether guidance for private companies should differ from guidance
for public companies.
The Board decided that those issues should be addressed as a separate
segment of the project to be worked on after or near the completion of the
segment B phase of the project.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
October. 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, September 19, 2005—Liaison Meeting with the AICPA PCPS
Technical Issues Committee
Wednesday, September 21, 2005—FASB Board
Wednesday, September 21, 2005—No FASB Education Session
Thursday, September 22, 2005—Financial Accounting
Standards Advisory Council Meeting
Friday, September 23, 2005—Liaison
Meeting with the Institute of Management Accountants
September 28, 2005—FASB Board Meeting
Wednesday, September 28,
2005—FASB Education Session
Thursday, September 29, 2005—User Advisory
Council Meeting, New York City
Wednesday, October 5, 2005—FASB Board
Wednesday, October 5, 2005—FASB Education Session
October 10, 2005—Uncertain Tax Positions Roundtable Meeting
October 12, 2005—FASB Board Meeting
Wednesday, October 12, 2005—FASB
Friday, October 14, 2005—Liaison Meeting with the
National Investor Relations Institute
Tuesday, October 18, 2005—FASB
Wednesday, October 19, 2005—FASB Board
Monday, October 24, 2005—Joint IASB/FASB Meeting
October 25, 2005—Joint IASB/FASB Meeting
Wednesday, October 26,
2005—FASB Insurance Forum
Thursday, October 27, 2005—Business
Combinations Roundtable Meetings