Action Alert No. 08-11
March 13, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, March 19, 2008, 9:00 a.m.
- Determination of the useful life of intangible assets (estimated 60-minute discussion). The Board will discuss issues raised by respondents to proposed FSP FAS 142-f, Determination of the Useful Life of Intangible Assets, and whether to issue that FSP as final.
- 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, March 19, 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 OF THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL
(This meeting is available by audio webcast and telephone.)
Tuesday, March 18, 2008, 9:30 a.m.
The Advisory Council will meet to discuss the following topics:
- The credit crisis in certain subprime and structured financing markets
- A proposal by the Investors Technical Advisory Committee for the promulgation of a “principles-based” disclosure standard
- Preliminary results from the annual survey on the FASB’s overall technical agenda and priorities.
The Advisory Council will hear reports from the chairman of the FASB on other Board activities. The Council also will hear reports on current developments from representatives of the Office of the Chief Accountant of the Securities and Exchange Commission and the Office of the Chief Auditor of the Public Company Accounting Oversight Board.
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.
March 5, 2008 Board Meeting
Determining whether instruments granted in share-based payment transactions are participating securities. The Board discussed issues raised by respondents to proposed FSP EITF 03-6-a, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. The Board affirmed that unvested share-based payment awards that are entitled to receive nonforfeitable dividends or dividend equivalents are participating securities and that both distributed and undistributed earnings should be allocated to participating securities. The Board also decided that:
- Only those unvested share-based payment awards that are expected to vest are participating securities.
- A change in an entity’s estimated forfeiture rate should not be captured as an adjustment to the computation of basic earnings per share pursuant to the two-class method.
- The final FSP should require full retrospective application and become effective on the same date as a revised Statement on FASB Statement No. 128, Earnings Per Share.
The Board directed the staff to proceed to a draft of a final FSP for vote by written ballot.
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 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