Action Alert No. 06-28
July 13, 2006


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

Wednesday, July 19, 2006, 8:00 a.m.

The Board meeting will begin at 8:00 a.m. instead of 9:00 a.m.

  1. Business combinations: applying the acquisition method (estimated 60-minute discussion). The Board will continue redeliberations of its June 2005 Exposure Draft, Business Combinations, focusing on guidance for (a) assessing what is part of the exchange for the acquiree, (b) restructuring costs, and (c) the measurement date of equity securities issued as consideration.

  2. Financial statement presentation (estimated 2-hour discussion). The Board will discuss application of the working principles developed in a prior meeting, particularly the categories to be included in the statement of financial position, the statement of earnings and comprehensive income, and the statement of cash flows.

  3. Leases agenda decision (estimated 30-minute discussion). The Board will discuss whether to add a project to its agenda to reconsider the provisions of FASB Statement No. 13, Accounting for Leases, and related literature.

  4. Postretirement benefit obligations, including pensions (estimated 1-hour discussion). The Board will continue redeliberations of its March 2006 Exposure Draft, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans. Specifically, the Board will discuss (a) reporting issues of not-for-profit organizations and (b) classification of the net asset or net liability recognized as current or noncurrent.

  5. Derivative disclosures (estimated 75-minute discussion). The Board will consider specific enhanced disclosures for derivatives that are accounted for under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities.

  6. 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.


Tuesday, July 18, 2006, 9:00 a.m.
Wednesday, July 19, 2006, following the Board meeting

The Board will hold educational, non-decision-making sessions to discuss topics that are anticipated to be discussed at the July 26, 2006 Board meeting. Those topics will be posted to the FASB calendar four days prior to the education sessions.


No Board meetings were held during the week of July 3, 2006.


The following documents are available on the FASB website:

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (June 2006)

Final FSP FAS 13-2, "Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leverage Lease Transaction" (July 13, 2006).


The following is a list of open meetings tentatively scheduled through August. 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, July 26, 2006—FASB Board Meeting
Wednesday, July 26, 2006—FASB Education Session (canceled)
Thursday, July 27, 2006—FASB Education Session
Wednesday, August 2, 2006—FASB Board Meeting
Wednesday, August 2, 2006—FASB Education Session
Wednesday, August 9, 2006—FASB Board Meeting
Wednesday, August 9, 2006—FASB Education Session
Wednesday, August 16, 2006—FASB Board Meeting
Wednesday, August 16, 2006—FASB Education Session
Wednesday, August 23, 2006—FASB Board Meeting
Wednesday, August 23, 2006—FASB Education Session
Monday, August 28, 2006—Liaison Meeting with Edison Electric Institute and American Gas Association
Wednesday, August 30, 2006—FASB Board Meeting
Wednesday, August 30, 2006—FASB Education Session

FASB Meetings Available by Audio Webcast and Telephone

To monitor available live meetings free of charge by audio webcast, access the link To monitor by telephone, call 1-800-846-4717. You will be charged $.45 per minute, and VISA, MasterCard, American Express, or Discover Card is required. To listen to a recording of the most recent Board meeting via webcast free of charge, access the link To listen to a recording by telephone, for a charge of $.45 per minute, call 1-800-462-0393. Questions can be directed to 1-800-846-4630.

Handouts distributed to the audience at Board meetings are posted to our website one-half hour before the start of the meeting. A synopsis of each issue to be discussed at EITF meetings also is posted to this website.

Education sessions are not available by audio webcast or telephone, and no handouts are distributed to the audience.