Action Alert No. 08-08
February 21, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
No Board meetings are planned for the week of February 25, 2008. The next scheduled Board meeting is Wednesday, March 5, 2008, and will be announced in next week’s issue of Action Alert.
OPEN EDUCATION SESSION
Wednesday, February 27, 2008, 9:00 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.
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 13, 2008 Board Meeting
Agenda decision: financial reporting by entities in reorganization under the bankruptcy code. The Board added a project to its agenda to address a conflict between AICPA Statement of Position 90-7, Financial Reporting by Entities in Reorganization Under the Bankruptcy Code, and other authoritative accounting standards that expressly prohibit early adoption. The Board agreed to amend SOP 90-7 to remove the requirement in paragraph 38 for an entity applying fresh-start reporting to early adopt authoritative accounting standards that will result in a change in accounting principle that will be required in the emerging entity’s financial statements within 12 months following emergence.
The Board directed the staff to proceed to a draft of a proposed FSP, with a 30-day comment period, for vote by written ballot.
Disclosures about plan assets. The Board discussed whether to improve disclosures about assets held in an employer’s defined benefit pension or other postretirement plan reported under FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits. Additionally, the Board discussed a potential technical correction to Statement 132(R) relating to the disclosure of net periodic benefit cost for nonpublic entities.
The Board decided to amend Statement 132(R) to:
- Include a principle for disaggregation of plan assets based on risks and expected long-term rate of return associated with each category and a list of required asset categories that, at a minimum, should be included.
- Require further disclosure of categories or subcategories for concentrations of risk.
- Include disclosures consistent with FASB Statement No. 157, Fair Value Measurements, for fair value measurements of plan assets that would be applicable to Level 3 of the fair value hierarchy.
- Include a technical correction to paragraph 8(h) that requires nonpublic entities to disclose net periodic benefit cost recognized for each period for which a statement of income is presented.
The Board also decided that the disclosure requirements for plan assets would be effective for the years ending after December 15, 2008, and would be applied prospectively. The technical correction to Statement 132(R) would be effective upon issuance of a final FSP.
The Board directed the staff to proceed to a draft of a proposed FSP, with a 45-day comment period, for vote by written ballot.
FASB DOCUMENT AVAILABLE
Final FSP FAS 140-3, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions, was issued on February 20, 2008, and is available on the FASB website.
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.
Wednesday, March 5, 2008FASB Board Meeting
Wednesday, March 5, 2008FASB Education Session
Tuesday, March 11, 2008FASB Education Session
Wednesday, March 12, 2008FASB Board Meeting
Wednesday, March 12, 2008Emerging Issues Task Force Meeting
Tuesday, March 18, 2008Financial Accounting Standards Advisory Council Meeting
Wednesday, March 19, 2008FASB Board Meeting
Wednesday, March 19, 2008FASB Education Session
Wednesday, March 26, 2008FASB Board Meeting
Wednesday, March 26, 2008FASB Education Session
Wednesday, April 2, 2008FASB Board Meeting
Wednesday, April 2, 2008FASB Education Session
Wednesday, April 9, 2008FASB Board Meeting
Wednesday, April 9, 2008FASB Education Session
Wednesday, April 16, 2008FASB Board Meeting
Wednesday, April 16, 2008FASB Education Session
Monday, April 21, 2008FASB/IASB Joint Board Meeting, London
Tuesday, April 22, 2008FASB/IASB Joint Board Meeting, London
Thursday, April 24, 2008FASB Education Session
Wednesday, April 30, 2008FASB Board Meeting
Wednesday, April 30, 2008FASB Education Session