Action Alert No. 08-17
April 24, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
meetings are available by audio webcast and telephone.)
Wednesday, April 30, 2008, 9:00 a.m.
about credit derivatives (estimated 1-hour discussion).
The Board will consider (a) the project’s scope, (b) proposed
disclosures, (c) effective date and transition, and (d) the comment
period for a proposal to improve disclosures about credit derivatives.
- Statement 133
hedging (estimated 1-hour discussion). The Board will
discuss (a) miscellaneous technical issues that arose during the
drafting of the Exposure Draft of a proposed Statement to amend the
hedging guidance in FASB Statement No. 133, Accounting for Derivative
Instruments and Hedging Activities, (b) the effective date for the
proposed Statement, and (c) its comment period.
- Mergers and
acquisitions by a not-for-profit organization (estimated
30-minute discussion). The Board will discuss the project plan and
steps for completing the project. Those steps include redeliberations
that are expected to focus on the significant concerns raised by
respondents to the October 2006 Exposure Drafts, Not-for-Profit
Organizations: Mergers and Acquisitions, and Not-for-Profit
Organizations: Goodwill and Other Intangible Assets Acquired in a Merger
or Acquisition, which include the proposals for the recognition of
donor-related intangible assets and for goodwill or contribution
received in an acquisition, and the subsequent accounting for goodwill.
- 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, April 30, 2008, following the Board meeting
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.
April 16, 2008 Board Meeting
reporting by entities in reorganization under the bankruptcy code.
The Board discussed issues raised by respondents to proposed FSP SOP 90-7-
a, An Amendment of AICPA Statement of Position 90-7. The Board
decided to modify paragraph six of the proposed FSP to clarify that
entities emerging from bankruptcy and adopting fresh-start reporting are
allowed to early adopt an accounting principle when early adoption is
permitted by that accounting standard. Conversely, entities emerging from
bankruptcy and adopting fresh-start reporting are not allowed to early
adopt an accounting principle when early adoption is not permitted by that
accounting standard. The Board also decided not to expand the scope of the
project to address other concerns raised by respondents during the comment
period. Finally, the Board directed the staff to proceed to a draft of a
final FSP for vote by written ballot.
FASB DOCUMENT AVAILABLE
Final FSP SOP 90-7-1, An Amendment of AICPA Statement of Position
90-7, is expected to be available on the FASB website by the end of
business on April 24, 2008.
FUTURE OPEN MEETINGS
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.
Tuesday, May 6, 2008—FASB Insurance Forum
Wednesday, May 7,
2008—FASB Board Meeting
Wednesday, May 7, 2008—FASB Education
Wednesday, May 14, 2008—FASB Board Meeting
14, 2008—FASB Education Session
Wednesday, May 21, 2008—FASB Board
Wednesday, May 21, 2008—FASB Education Session
22, 2008—Liaison Meeting with Healthcare Financial Management
Wednesday, May 28, 2008—FASB Education
Wednesday, June 4, 2008—FASB Board Meeting
June 4, 2008—FASB Education Session
Tuesday, June 10, 2008—Investors
Technical Advisory Committee Meeting
Wednesday, June 11, 2008—Emerging
Issues Task Force Meeting (tentative)
Thursday, June 12, 2008—Emerging
Issues Task Force Meeting
Monday, June 16, 2008—FAF/FASB Forum on
High-Quality Global Accounting Standards: Issues and Implications for U.S.
Financial Reporting, New York City
Wednesday, June 18, 2008—FASB Board
Wednesday, June 18, 2008—FASB Education Session
June 19, 2008—Liaison Meeting with Financial Executives International,
Tuesday, June 24, 2008—Financial Accounting Standards
Advisory Council Meeting
Wednesday, June 25, 2008—FASB Board
Wednesday, June 25, 2008—FASB Education Session
27, 2008—Small Business Advisory Committee Meeting