Action Alert No. 07-32
August 9, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
No Board meetings are planned for the week of August 13, 2007. The next scheduled Board meeting is Wednesday, August 22, 2007, and will be announced in next week’s issue of Action Alert.
OPEN EDUCATION SESSION
Wednesday, August 15, 2007, 9:00 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.
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, FSP, or Statement 133 Implementation Issue.
August 1, 2007 Board Meeting
Effects of prior-year misstatements when quantifying misstatements in current-year financial statements. The Board began its redeliberations of proposed FASB Staff Position 154-a, "Considering the Effects of Prior-Year Misstatements When Quantifying Misstatements in Current-Year Financial Statements." The Board decided not to issue a final FSP and removed the project from its agenda.
EITF AGENDA DECISIONS
At its July 20, 2007 meeting, the EITF Agenda Committee discussed the following three potential new issues and made the following decisions:
- Consideration of Certain Terms in Derivative Contracts When Determining Whether an Instrument Is Indexed to a Company's Own StockThis issue was added to the EITF agenda.
- Accounting for the Sale of Real Estate to an Entity When the Agreement between the Investors Includes a Buy-Sell ClauseThis issue was added to the EITF agenda.
- Presentation of Historical Periods When Reporting Transactions between Entities under Common ControlThis issue was not added to the EITF agenda.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through September. 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, August 22, 2007FASB Board Meeting
Wednesday, August 22, 2007FASB Education Session
Wednesday, August 29, 2007FASB Board Meeting
Wednesday, August 29, 2007FASB Education Session
Tuesday, September 4, 2007Financial Guarantee Insurance Roundtable
Wednesday, September 5, 2007FASB Board Meeting
Wednesday, September 5, 2007FASB Education Session
Wednesday, September 12, 2007FASB Board Meeting
Wednesday, September 12, 2007FASB Education Session
Friday, September 14, 2007Open Meeting with the Joint
International Group and Financial Institutions Advisory Group
Wednesday, September 19, 2007FASB Board Meeting
Wednesday, September 19, 2007FASB Education Session
Thursday, September 20, 2007Financial Accounting Standards Advisory Council Meeting
Wednesday, September 26, 2007FASB Board Meeting
Wednesday, September 26, 2007FASB Education Session
Thursday, September 27, 2007Liaison Meeting with the Institute of Management Accountants