Action Alert No. 06-16
April 20, 2006


(This joint meeting is available by audio webcast through the IASB. Visit the IASB website for more information on webcasting and observer registration. The audio playback file will be available on Monday, May 1, 2006 to listeners for free via the FASB website.)

Edwardian I Room
Crowne Plaza St. James Hotel
Buckingham Gate
London SW1E 6AF
United Kingdom

Thursday, April 27, 2006, 6:15 a.m. EDT (11:15 a.m. BST)

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

  1. Financial instruments. The Boards will discuss hedge accounting, including the long-term objective established at the joint meeting in October 2005, which is to simplify or eliminate the need for special accounting. (Scheduled for 6:15 a.m. – 7:15 a.m. EDT)

  2. Business combinations: applying the acquisition method. The Boards will continue their deliberations of the June 2005 Exposure Drafts. In particular, the Boards will discuss (a) whether the proposal that the transaction price in a business combination is presumptive evidence of the fair value of the acquiree should be modified as a result of decisions reached in the FASB’s fair value measurement project, (b) the accounting for acquisition-related costs in a business combination, and (c) the presentation of noncontrolling interests in the consolidated financial statements. (Scheduled for 8:15 a.m. – 10:30 a.m. EDT)

  3. Revenue recognition. The Boards will continue their discussions about revenue recognition methods. (Scheduled for 10:45 a.m. – 12:45 p.m. EDT)

Friday, April 28, 2006, 4:00 a.m. EDT (9:00 a.m. BST)

  1. Leases. The Boards will discuss staff suggestions for approaches to undertaking a possible project to reconsider existing standards on lease accounting. The Boards will not be making an agenda decision at this meeting. (Scheduled for 4:00 a.m. – 5:00 a.m. EDT)

  2. Conceptual framework. The Boards will continue their discussions of the working definitions of assets and liabilities. The Boards will discuss whether those definitions, together with their amplifying text, provide a sufficient basis for use in considering other aspects of Phase B of the project. The staff will report on the project progress, status, staffing, and plans, which will focus on the plan for carrying out the portion of the project dealing with measurement issues. (Scheduled for 5:00 a.m. – 8:15 a.m. EDT)


No education sessions are scheduled for the week of April 24, 2006.


No Board meetings were held during the week of April 10, 2006.


The following is a list of open meetings tentatively scheduled through May. 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, May 3, 2006—FASB Board Meeting
Wednesday, May 3, 2006—FASB Education Session
Tuesday, May 9, 2006—Liaison Meeting with Healthcare Financial Management Association
Wednesday, May 10, 2006—FASB Board Meeting
Wednesday, May 10, 2006—FASB Education Session
Wednesday, May 17, 2006—No FASB Board Meeting
Wednesday, May 17, 2006—FASB Education Session
Wednesday, May 24, 2006—FASB Board Meeting
Wednesday, May 24, 2006—FASB Education Session
Thursday, May 25, 2006—Liaison Meeting with American Accounting Association
Wednesday, May 31, 2006—FASB Board Meeting
Wednesday, May 31, 2006—FASB Education Session