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Revised 12/20/04—See below
Action Alert No. 04-49
December 16, 2004
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, December 22, 2004, 8:30 a.m.
The Board meeting will begin at 8:30 a.m. instead of 9:00 a.m.
- Revenue recognition. [Revised 12/20/04: This topic has been postponed to a future Board meeting.] The Board will discuss the results of small group meetings at which Board members discussed views about decisions reached to date in the project, including the proposed conceptual approach. The Board also will consider the implications of those views for the future direction of this project. (Estimated 60-minute discussion.)
- Short-term convergence: accounting changes. The Board will begin redeliberations of its December 15, 2003 Exposure Draft, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3. (Estimated 60-minute discussion.)
- Fair value option. The Board will discuss information in the comment letters to the IASB’s proposed fair value option amendment that is relevant to the FASB’s project. This meeting will be informational and no decisions are expected. (Estimated 30-minute discussion.)
- Beneficial interests. The Board will discuss how to evaluate and identify embedded derivatives in beneficial interests in securitized financial assets. The Board also will discuss whether the fair value option for hybrid instruments with embedded derivatives requiring bifurcation should be applied to all hybrid instruments or only hybrid financial instruments. (Estimated 60-minute discussion.)
- FASB Staff Positions (FSPs). The Board will discuss how to determine whether two or more operating segments have “similar economic characteristics.” The Board will consider whether to direct the staff to post a proposed FSP to the FASB website to address that issue. (Estimated 30-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, December 22, 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 January 5, 2005 Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.
BOARD ACTIONS
No Board meetings were held during the week of December 6, 2004.
FASB DOCUMENTS AVAILABLE
In December 2004, the Board issued the following Statements:
FASB Statement No. 123 (revised 2004), Share-Based Payment
FASB Statement No. 152, Accounting for Real Estate Time-Sharing Transactions
FASB Statement No. 153, Exchanges of Nonmonetary Assets.
Those documents will be available on the FASB website by the end of business on December 16. Copies also will be available from the FASB Order Department by calling 1-800-748-0659.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through January. All meetings are held in Norwalk, Connecticut, unless otherwise noted. 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, January 5, 2005—FASB Board Meeting
Wednesday, January 5, 2005—FASB Education Session
Wednesday, January 12, 2005—FASB Board Meeting
Wednesday, January 12, 2005—FASB Education Session
Thursday, January 13, 2005—International Joint Advisory Group Meeting, London, England
Thursday, January 13, 2005—Liaison Meeting with National Association of College and University Business Officers
Friday, January 14, 2005—International Joint Advisory Group Meeting, London, England
Wednesday, January 19, 2005—FASB Board Meeting
Wednesday, January 19, 2005—FASB Education Session
Wednesday, January 26, 2005—FASB Board Meeting
Wednesday, January 26, 2005—FASB Education Session
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