Action Alert No. 07-16
April 19, 2007


(This joint meeting is available by audio webcast through the IASB. Visit the IASB website for more information on webcasting. The audio playback file will be available to listeners via the IASB website.)

Painters’ Hall
9 Little Trinity Lane
London EC4V 2AD
United Kingdom

Monday, April 23, 2007, 5:45 a.m. EDT (10:45 a.m. BST)

The IASB and the FASB will meet in London to discuss the following projects:

  1. Intangible assets. The Boards will discuss a proposed timetable for evaluating a possible joint project on accounting for intangible assets. (Scheduled for 5:45 a.m. – 7:15 a.m. EDT)

  2. Financial instruments: liabilities and equity. The European Financial Reporting Advisory Group will present to the Boards an alternative approach for distinguishing between liabilities and equity. (Scheduled for 8:15 a.m. – 9:45 a.m. EDT)

  3. Conceptual framework: measurement. The Boards will discuss revisions to the October measurement bases paper that was discussed with roundtable participants, focusing on identifying the appropriate measurement basis candidates. (Scheduled for 10:00 a.m. – 11:15 a.m. EDT)

  4. Conceptual framework. The Boards will discuss the project status, plans, priorities, and processes. (Scheduled for 11:15 a.m. – 12:45 p.m. EDT)

Tuesday, April 24, 2007, 4:00 a.m. EDT (9:00 a.m. BST)

  1. Business combinations. The Boards will discuss the cost-benefit analysis and sweep issues identified for the forthcoming final Statements on business combinations and noncontrolling interests. (Scheduled for 4:00 a.m. – 5:30 a.m. EDT)

  2. Accounting for leases. The Boards will have a high-level discussion on the scope of the leases project. (Scheduled for 5:45 a.m. – 6:45 a.m. EDT)


Friday, April 27, 2007, 9:00 a.m. EDT

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, or FSP.

April 11, 2007 Board Meeting

Conceptual framework: elements and recognition. The Board discussed whether the staff should continue to explore and develop an approach (claims approach) that would replace the liability and equity elements with a single element. The Board decided not to devote its limited staff resources to developing the claims approach, but rather leverage off the Preliminary Views that it expects to issue through its standards-setting project on liabilities and equity and the comments of constituents on that forthcoming document.

Implementation guidance for Interpretation 48. The Board decided to change the threshold used in evaluating if the taxing authority would subsequently examine or reexamine any aspect of the tax position in paragraph 10A(c) of the proposed FSP to amend to FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, from highly unlikely to remote. The Board directed the staff to proceed to a draft of a final FSP for vote by written ballot.


At its April 13, 2007 meeting, the EITF Agenda Committee discussed the following two potential new issues and made the following decisions:

  1. Accounting for a Sunset Clause in a Software Licensing Arrangement—This issue was not added to the EITF agenda.

  2. The Application of the Two-Class Method to Master Limited Partnerships under FASB Statement No. 128, Earnings per Share—This issue was added to the EITF agenda.


The following documents were issued and are available on the FASB website:

FASB Exposure Draft, Accounting for Financial Guarantee Insurance Contracts (April 18, 2007). Comments are requested by June 18, 2007.

Proposed FASB Statement 133 Implementation Issue No. C21, "Whether Options (Including Embedded Conversion Options) Are Indexed to both an Entity’s Own Stock and Currency Exchange Rates" (April 19, 2007). Comments are requested by May 24, 2007.


The following is a list of open meetings tentatively scheduled through June. 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 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
Friday, June 8, 2007—Liaison Meeting with Financial Executives International, Stamford, CT
Friday, June 8, 2007—FASB Education Session
Tuesday, June 12, 2007—Investors Technical Advisory Committee Meeting
Wednesday, June 13, 2007—FASB Board Meeting
Wednesday, June 13, 2007—FASB Education Session
Thursday, June 14, 2007—Emerging Issues Task Force Meeting
Tuesday, June 19, 2007—Financial Accounting Standards Advisory Council Meeting
Wednesday, June 20, 2007—Small Business Advisory Committee Meeting
Thursday, June 21, 2007—FASB Board Meeting
Thursday, June 21, 2007—FASB Education Session
Wednesday, June 27, 2007—FASB Board Meeting
Wednesday, June 27, 2007—FASB Education Session