Action Alert No. 06-24
June 15, 2006
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Tuesday, June 20, 2006, 8:30 a.m.
The Board meeting will begin at 8:30 a.m. instead of 9:00
a.m.
- Conceptual
framework (estimated 90-minute discussion). The Board
will continue its discussions of issues relating to the definitions of
elements of financial statements, focusing on the definitions of assets
and liabilities.
- Registration
payment agreements (estimated 60-minute discussion). The
Board will discuss the accounting for registration rights agreements.
- 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 SESSIONS
Tuesday, June 20, 2006, following the Board meeting
Thursday,
June 22, 2006, 8:00 a.m.
The Board will hold educational, non-decision-making sessions to
discuss topics that are anticipated to be discussed at the June 28, 2006
Board meeting. Those topics will be posted to the FASB calendar four
days prior to the education sessions.
OPEN ROUNDTABLE DISCUSSION WITH RESPONDENTS TO THE FASB EXPOSURE
DRAFT ON FAIR VALUE OPTION
(This
meeting is available by audio webcast and telephone.)
Monday, June 19, 2006, 8:00 a.m. – 12:00 p.m.
The Board will hold a public roundtable discussion to listen to the
views of and obtain information from respondents to the January 25, 2006
FASB Exposure Draft, The Fair Value Option for Financial Assets and
Financial Liabilities.
OPEN MEETING WITH REPRESENTATIVES OF THE FINANCIAL EXECUTIVES
INTERNATIONAL
Monday, June 19, 2006, 3:30 p.m.
Sheraton Stamford Hotel
2701 Summer Street
Stamford,
Connecticut
The Board will meet with representatives of the Financial Executives
International Committee on Corporate Reporting to discuss matters of
mutual interest.
OPEN MEETING OF THE SMALL BUSINESS ADVISORY COMMITTEE
(This
meeting is available by audio webcast and telephone.)
Wednesday, June 21, 2006, 9:00 a.m.
The Board and the Small Business Advisory Committee will meet to
discuss:
- Private company financial reporting
- The Board’s project on the conceptual framework
- The Board’s project on insurance risk transfer
- The Board’s project on financial statement presentation
- Lease accounting issues.
The chairman of the FASB and other members of the Board and FASB staff
will provide a report on other Board activities. The Advisory Committee
also will hear reports from representatives of the Office of the Chief
Accountant of the Securities and Exchange Commission and the Office of the
Chief Auditor of the Public Company Accounting Oversight Board.
OPEN MEETING OF THE FINANCIAL ACCOUNTING STANDARDS ADVISORY
COUNCIL
(This
meeting is available by audio webcast and telephone.)
Thursday, June 22, 2006, 9:00 a.m.
The Advisory Council will meet to discuss the Board’s projects on:
- Conceptual framework
- Financial instruments: liabilities and equity
- Insurance risk transfer
- Financial statement presentation
- Derivatives disclosures.
The Advisory Council will hear reports from the chairman of the FASB on
other Board activities and the acting chief accountant of the SEC on
current accounting-related developments. The Advisory Council also will
hear a report from the chief auditor of the Public Company Accounting
Oversight Board.
Closed to Public Observation
The Advisory Council will hold a closed session with Board members to
discuss administrative matters. The closed session, which will be the last
item on the agenda, is expected to begin at approximately 2:30 p.m.
BOARD ACTIONS
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, or
FSP.
June 7, 2006 Board Meeting
Transfers
of financial assets. The Board continued redeliberations on the
August 2005 revised Exposure Draft, Accounting for Transfers of
Financial Assets, by discussing whether to proceed with the project.
The Board decided to continue redeliberations on the project and agreed
to:
- Proceed with redeliberations on the issues relating to isolation
(paragraphs 9(a), 27A, 27B, 9(d), and 9(e)) and whether equity
instruments may be held by a qualifying special-purpose entity (SPE).
- Delete consideration of the guidance on initial measurement and
passive derivative financial instruments held by a qualifying SPE and
retain the provisions in FASB Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities, for those issues.
- Reconsider whether to proceed with redeliberations on rollovers of
beneficial interests, participating interests (paragraph 8A), and
control criteria (paragraph 9(b)) at a future Board meeting.
Definition
of a public entity in a conduit borrowing arrangement. The Board
decided to issue for public comment a proposed FSP on the revision to the
definition of a public entity to include an obligor for conduit debt
securities. The proposed FSP would require that conduit bond obligors for
conduit debt securities that are traded in a public market be considered
public entities/enterprises for the purposes of the accounting
pronouncements listed in the FSP.
DOCUMENT AVAILABLE
Proposed FSP FAS 126-a, "Revision to the Definition of a Public Entity
to Include an Obligor for Conduit Debt Securities," is expected to be
posted to the FASB website by the end of business on June 15, 2006.
Comments will be requested by July 31, 2006.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
July. 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, June 27, 2006—Postretirement Benefit Obligations including
Pensions Roundtable Meeting
Wednesday, June 28, 2006—FASB Board
Meeting
Wednesday, June 28, 2006—FASB Education Session
Wednesday,
July 5, 2006—FASB Board Meeting
Wednesday, July 5, 2006—FASB Education
Session
Wednesday, July 12, 2006—FASB Board Meeting
Wednesday, July
12, 2006—FASB Education Session
Wednesday, July 19, 2006—FASB Board
Meeting
Wednesday, July 19, 2006—FASB Education Session
Wednesday,
July 26, 2006—FASB Board Meeting
Wednesday, July 26, 2006—FASB
Education Session
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