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Action Alert No. 04-22
June 3, 2004
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, June 9, 2004, 9:00 a.m.
- Business
combinations: purchase method procedures. The Board will discuss
certain issues related to (a) the accounting for stock options in a
business combination and (b) the application guidance for the definition
of a business. (Estimated 90-minute discussion.)
- Revenue
recognition. The Board will discuss certain issues relating to
measuring performance obligations at fair value. The Board will consider
(a) the reliability of accounting estimates used in current U.S. GAAP
and (b) the role of transactions in accounting measurements. The Board
also will discuss examples of direct and indirect measures of fair value
that might be obtained or developed in practice. The Board expects to
decide whether those measures are sufficiently reliable to merit
inclusion in financial statements. Reliability of fair value estimates
will be assessed in the context of the relative reliability of
alternative measures of performance obligations. (Estimated 60-minute
discussion.)
- 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, June 9, 2004, immediately following the Board
meeting
The Board will hold an educational, non-decision-making session to
discuss topics that are anticipated to be discussed at the June 16 Board
meeting. Those topics will be posted to the FASB calendar four
days prior to the education session.
OPEN MEETING WITH THE FINANCIAL EXECUTIVES INTERNATIONAL
Thursday, June 10, 2004, 8:30 a.m.
Stamford Marriott
Two
Stamford Forum
Stamford, CT
The Board will meet with representatives of the Committee on Corporate
Reporting of the Financial Executives International to discuss matters of
mutual interest.
OPEN MEETING WITH THE CFA INSTITUTE
Friday, June 11, 2004, 1:00 p.m.
The Board will meet with representatives of the Financial Accounting
Policy Committee of the CFA Institute (formerly the Association for
Investment Management and Research) 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 or
Interpretation.
May 26, 2004 Board Meeting
Financial
instruments: liabilities and equity. The Board decided that the
proposed reassessed expected outcomes (REO) approach for classification,
unit of account, measurement, and EPS should:
- Be considered as a possible method for bifurcating compound
financial instruments
- Not be considered for classification and measurement of simple
instruments
- Be considered as an approach for determining earnings per share
(EPS) for all financial instruments.
The Board also decided to retain the ownership relationship approach
for classification of simple instruments and, at future meetings, to
revisit whether the liquidity test should apply for financial instruments
that establish an ownership relationship.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
July. 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.
Tuesday, June 15, 2004—FASB Board Meeting
Wednesday, June 16,
2004—FASB Board Meeting
Thursday, June 17, 2004—Qualifying
Special-Purpose Entities Roundtable Discussion
Monday, June 21,
2004—FASB Education Session
Tuesday, June 22, 2004—Financial Accounting
Standards Advisory Council Meeting
Thursday, June 24, 2004—Equity-Based
Compensation Roundtable Discussion, Palo Alto, CA
Tuesday, June 29,
2004—Equity-Based Compensation Roundtable Discussion, Norwalk,
CT
Wednesday, June 30, 2004—FASB Board Meeting
Wednesday, June 30,
2004—Emerging Issues Task Force Meeting
Thursday, July 1,
2004—Emerging Issues Task Force Meeting
Wednesday, July 7, 2004—FASB
Education Session
Wednesday, July 14, 2004—FASB Board
Meeting
Wednesday, July 14, 2004—FASB Education Session
Wednesday,
July 21, 2004—FASB Board Meeting
Wednesday, July 21, 2004—FASB
Education Session
Monday, July 26, 2004—Liaison Meeting with the Edison
Electric Institute
Tuesday, July 27, 2004—FASB Board
Meeting
Tuesday, July 27, 2004—FASB Education Session
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