Action Alert No. 07-15
April 12, 2007


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

Wednesday, April 18, 2007, 9:00 a.m.

  1. Business combinations (estimated 2-hour discussion). As part of its redeliberations of the June 2005 Exposure Drafts, Business Combinations, and Consolidated Financial Statements, Including Accounting and Reporting of Noncontrolling Interests in Subsidiaries, the Board will discuss the following issues:

    1. Whether to affirm proposed disclosures about completed business combinations

    2. Whether the definition of fair value in FASB Statement No. 157, Fair Value Measurements, (to be used in the replacement of FASB Statement No. 141, Business Combinations) differs significantly from the definition of fair value in IFRS 3, Business Combinations (to be used in the replacement of that Statement) and, if so, the implications for convergence

    3. How an acquirer would classify contracts, assets and liabilities acquired or assumed in a business combination

    4. Whether to affirm or modify proposed guidance relating to assets and liabilities arising from acquired insurance contracts

    5. Effective date.

  2. Agenda decision: discontinued operations (estimated 30-minute discussion). The FASB and the IASB have tentatively agreed to a converged definition of a discontinued operation. Both Boards will independently consider a request from constituents to complete this aspect of the project, on an accelerated basis, separate from the financial statement presentation project.

  3. Amendment to FASB Interpretation No. 39 (estimated 30-minute discussion). The Board will discuss the comments received on proposed FSP FIN 39-a, “Amendment of FASB Interpretation No. 39,” and whether to approve that proposed FSP for final issuance.

  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.


Wednesday, April 18, 2007, 8:00 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.


No Board meetings were held during the week of April 2, 2007.


The following is a list of open meetings tentatively scheduled through May. 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, April 23, 2007—FASB/IASB Joint Board Meeting, London
Tuesday, April 24, 2007—FASB/IASB Joint Board Meeting, London
Friday, April 27, 2007—FASB Education Session
Monday, April 30, 2007—Valuation Guidance for Financial Reporting Roundtable
Tuesday, May 1, 2007—User Advisory Council Meeting, New York City
Wednesday, May 2, 2007—FASB Board Meeting
Wednesday, May 2, 2007—FASB Education Session
Tuesday, May 8, 2007—FASB Board Meeting
Tuesday, May 8, 2007—FASB Education Session
Wednesday, May 16, 2007—FASB Board Meeting
Wednesday, May 16, 2007—FASB Education Session
Wednesday, May 23, 2007—FASB Board Meeting
Wednesday, May 23, 2007—FASB Education Session
Wednesday, May 30, 2007—FASB Board Meeting
Wednesday, May 30, 2007—FASB Education Session