Action Alert No. 06-21
May 25, 2006


(Board meetings are available by audio webcast and telephone.)

Wednesday, May 31, 2006, 9:00 a.m.

  1. Useful life and amortization of intangible assets (estimated 75-minute discussion). The Board will discuss (a) the scope of paragraph 11(d) of FASB Statement No. 142, Goodwill and Other Intangible Assets, and (b) comments received on the proposed FSP FAS 142-d, “Amortization and Impairment of Acquired Renewable Intangible Assets.”

  2. Business combinations: applying the acquisition method (estimated 90-minute discussion). The Board will continue its redeliberations of the 2005 FASB Exposure Draft, Business Combinations. The Board will discuss whether to retain, eliminate, or modify proposed exceptions to the fair value measurement principle or the recognition principle relating to assets held for sale, employee benefit obligations, and operating leases.

  3. Amendments of FSP FAS 123(R)-1 (estimated 30-minute discussion). The Board will discuss whether to issue a proposed FSP that will clarify the classification guidance in FSP FAS 123(R)-1, "Classification and Measurement of Freestanding Financial Instruments Originally Issued in Exchange for Employee Services under FASB Statement No. 123(R)." Specifically, the proposed FSP is intended to amend FSP FAS 123(R)-1 to exclude certain transactions from the definition of modification as used in that FSP. The Board also will discuss effective date, transition, and the length of the comment period of the proposed FSP.

  4. 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.


Wednesday, May 31, 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 a future Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.


No Board meetings were held during the week of May 15, 2006.


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.

Wednesday, June 7, 2006—FASB Board Meeting
Wednesday, June 7, 2006—FASB Education Session
Wednesday, June 14, 2006—No FASB Board Meeting
Wednesday, June 14, 2006—FASB Education Session
Thursday, June 15, 2006—Emerging Issues Task Force Meeting
Monday, June 19, 2006—a.m., Fair Value Option Roundtable Meeting
Monday, June 19, 2006—p.m., Liaison Meeting with Financial Executives International, Stamford, CT
Tuesday, June 20, 2006—FASB Board Meeting
Tuesday, June 20, 2006—FASB Education Session
Wednesday, June 21, 2006—Small Business Advisory Council Meeting
Thursday, June 22, 2006—Financial Accounting Standards Advisory Council Meeting
Tuesday, June 27, 2006—Postretirement Benefit Obligations including Pensions Roundtable Meeting
Wednesday, June 28, 2006—FASB Board Meeting
Wednesday, June 28, 2006—FASB Education Session