Revised 09/11/06See below
Action Alert No. 06-36
September 7, 2006
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, September 13, 2006, 8:00 a.m.
The Board meeting will begin at 8:00 a.m. instead of 9:00 a.m.
- Financial guarantee insurance (estimated 1-hour discussion). The Board will continue to discuss accounting models for financial guarantee insurance contracts. In particular, the Board will discuss approaches to premium revenue recognition and deferred acquisition costs.
- Application of Interpretation 46(R) to investment companies (estimated 1-hour discussion). The Board will meet with representatives of the AICPA's Accounting Standards Executive Committee (AcSEC) to consider clearance of a final AICPA Statement of Position, Clarification of the Scope of the Audit and Accounting Guide, Investment Companies, and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies. In addition the Board will consider a draft of a proposed FSP on the application of Interpretation 46(R) to investment companies.
- [Revised 09/11/06] Measurement of nonfinancial assets and nonfinancial liabilities in business combinations and impairment evaluations (estimated 15-minute discussion). The Board will discuss whether to proceed to a draft of a proposed FSP that would amend Statements No. 141, Business Combinations, No. 142, Goodwill and Other Intangible Assets, and No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, to clarify the existing guidance on fair value measurements that is presently contained in those Statements. The proposed FSP would be effective until the reporting entity adopts the final Statement on fair value measurements.
- 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, September 13, 2006, 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 September 20, 2006 Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.
OPEN MEETING WITH REPRESENTATIVES OF THE AICPA ACCOUNTING STANDARDS EXECUTIVE COMMITTEE
Tuesday, September 12, 2006, 3:00 p.m.
The Board will meet with representatives of the AICPA Accounting Standards Executive Committee (AcSEC) to discuss matters of mutual interest.
OPEN MEETING OF THE FASB/IASB'S JOINT INTERNATIONAL GROUP ON FINANCIAL STATEMENT PRESENTATION
Friday, September 15, 2006, 9:00 a.m. (GMT) to 4:30 p.m. (GMT)
Millennium Gloucester Hotel
4 -18 Harrington Gardens
Representative members of FASB and IASB will meet with members of the Joint International Group on Financial Statement Presentation to discuss issues related to the presentation and display of information on the financial statement.
A copy of the full meeting agenda can be found using the calendar link on the IASB website at http://www.iasb.org/meetings/diary.asp?showPageContent=no&xml=14_323_31_26072006.htm. Observer notes will be available on the IASB website in advance of the meeting. A copy of the Observer Registration Form can be found at http://www.iasb.org/uploaded_files/documents/14_323_ObsFormJIG.DOC.
We request that those who plan to observe this meeting preregister. Please complete and submit the Observer Registration Form on the IASB website by noon on Thursday, September 14, 2006. Observers will be required to check in upon arrival at the meeting. We will admit those who have not given advance notification only if space permits.
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.
August 30, 2006 Board Meeting
Planned major maintenance activities. The Board decided the following:
- The guidance in the FSP should be clarified to explicitly state that an enterprise is prohibited from accruing in advance for planned major maintenance activities during any period, including interim periods.
- Paragraph 16(a) of APB Opinion No. 28, Interim Financial Reporting, should be amended to eliminate the parenthetical reference to annual major repairs.
- Early adoption of the final FSP is permitted, even if the enterprise has issued interim financial statements.
Measurement of nonfinancial assets and nonfinancial liabilities in business combinations and impairment evaluations. The Board decided that an FSP should be drafted to clarify the existing guidance regarding fair value measurements in FASB Statements No. 141, Business Combinations, No. 142, Goodwill and Other Intangible Assets, and No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The proposed FSP would be effective until the reporting entity adopts the fair value measurements Statement. Upon adoption of the fair value measurements Statement, the guidance therein would be applied in the circumstances addressed by the proposed FSP. The proposed FSP would not require application of the provisions of the fair value measurements Statement prior to a reporting entity's adoption of that Statement.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through October. 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, September 19, 2006Liaison Meeting with Institute of Management Accountants
Wednesday, September 20, 2006FASB Board Meeting
Wednesday, September 20, 2006FASB Education Session
Thursday, September 21, 2006Financial Accounting Standards Advisory Council Meeting
Wednesday, September 27, 2006FASB Board Meeting
Wednesday, September 27, 2006FASB Education Session
Friday, September 29, 2006Liaison Meeting with the AICPA PCPS Technical Issues Committee
Tuesday, October 3, 2006User Advisory Council Meeting, New York City
Wednesday, October 4, 2006FASB Board Meeting
Wednesday, October 4, 2006FASB Education Session
Wednesday, October 11, 2006FASB Board Meeting
Wednesday, October 11, 2006FASB Education Session
Tuesday, October 17, 2006Liaison Meeting with CFA Institute
Wednesday, October 18, 2006FASB Board Meeting
Wednesday, October 18, 2006FASB Education Session
Monday, October 23, 2006FASB/IASB Joint Board Meeting, Norwalk, CT
Tuesday, October 24, 2006FASB/IASB Joint Board Meeting, Norwalk, CT