Action Alert No. 06-48
November 30, 2006
NOTICE OF MEETINGS
OPEN BOARD MEETING
meetings are available by audio webcast and telephone.)
Wednesday, December 6, 2006, 2:15 p.m.
The Board meeting will follow the open education session and begin
at 2:15 p.m.
risk transfer (estimated 1-hour discussion). The Board
will review and discuss the comment letters received on the FASB
Invitation to Comment, Bifurcation of Insurance and Reinsurance
Contracts for Financial Reporting. The Board also will discuss what
further steps should be undertaken in the project.
guarantee insurance (estimated 15-minute discussion). The
Board will discuss with regard to financial guarantee insurance
contracts, what interest rate to use and whether that interest rate
should be locked-in at inception or updated in discounting the future
installment premiums (the asset and the liability), the preclaim
liabilities, and the claim liabilities.
receivables or liabilities recognized upon payment or receipt of cash
collateral in master netting arrangements (estimated
15-minute discussion). The Board will address its decision reached
at the November 29, 2006 Board meeting to issue a proposed FSP on
offsetting receivables or liabilities recognized upon payment or receipt
of cash collateral in master netting arrangements. Specifically, the
Board will discuss whether the proposed FSP should clarify what is
considered a conditional contract.
- 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, December 6, 2006, 9:00 a.m.
The education session will precede the open Board meeting.
The Board will hold an educational, non-decision-making session to
discuss topics that are anticipated to be discussed at the December 13,
2006 Board meeting. Those topics will be posted to the FASB calendar four
days prior to the education session.
OPEN MEETING OF THE FINANCIAL ACCOUNTING STANDARDS ADVISORY
meeting is available by audio webcast and telephone, except the portion
Thursday, December 7, 2006, 9:00 a.m.
The Advisory Council will meet to discuss the following topics:
- International issues
- Accounting for insurance contracts
- Liabilities and equity
- Business combinations
- The conceptual framework.*
The Advisory Council will hear reports from the chairman of the FASB on
other Board activities and the chief accountant of the Securities and
Exchange Commission (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. In addition, two Board members
from the International Accounting Standards Board and the chairman of the
IASB's Standards Advisory Council will attend and report on international
*Audio webcast and telephone not available from 1:00 p.m. to
approximately 2:15 p.m.
The Advisory Council will hold break-out group discussions on the
conceptual framework project immediately following the lunch break until
approximately 2:15 p.m. The break-out group discussions will not be
available via webcast or telephone. The Advisory Council will reconvene at
approximately 2:15 p.m. for a group discussion on the conceptual
framework. That session will be available via webcast and telephone.
OPEN MEETING OF THE SMALL BUSINESS ADVISORY COMMITTEE
meeting is available by audio webcast and telephone.)
Friday, December 8, 2006, 9:00 a.m.
The Board and the Small Business Advisory Committee will meet to
- The Board's project on the conceptual framework
- The Board's project on financial statement presentation
- Materiality considerations
- The Board's project on liabilities and equity
- The Board's project on business combinations.
The chairman of the FASB will report on other Board activities. The
Advisory Committee also will hear reports from representatives of the
Office of the Chief Accountant of the SEC and the Office of the Chief
Auditor of the Public Company Accounting Oversight Board.
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
November 21, 2006 Board Meeting
133 Implementation Issue—hedging foreign exchange risk for a forecasted
foreign-currency-denominated debt issuance. The Board decided to
proceed with the exposure of a proposed Statement 133 Implementation
Issue, "Hedging Functional-Currency-Equivalent Proceeds to Be Received
from a Forecasted Foreign-Currency-Denominated Debt Issuance." The
proposed Implementation Issue will state that the functional currency
variability in proceeds to be received from the forecasted issuance of
debt denominated in a currency other than the reporting entity's
functional currency is not eligible to be hedged in a cash flow
hedge of foreign currency risk because the forecasted transaction does not
meet the criterion in paragraph 29(c) of FASB Statement No. 133,
Accounting for Derivative Instruments and Hedging Activities, that the
forecasted transaction (that is, the receipt of proceeds) presents an
exposure to variations in cash flows for the hedged risk that could affect
reported earnings. The Board directed the staff to proceed to a draft of a
proposed Implementation Issue for vote by written ballot.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
January. 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, December 13, 2006—FASB Board Meeting
13, 2006—FASB Education Session
Tuesday, December 19, 2006—FASB Board
Wednesday, December 20, 2006—FASB Board Meeting
December 20, 2006—FASB Education Session
Wednesday, December 27,
2006—No FASB Board Meeting or Education Session
Wednesday, January 3, 2007—No FASB Board Meeting
Wednesday, January 3, 2007—FASB Education
Tuesday, January 9, 2007—Liaison Meeting with the National
Association of College and University Business Officers
January 10, 2007—FASB Board Meeting
Wednesday, January 10, 2007—FASB
Wednesday, January 17, 2007—FASB Board
Wednesday, January 17, 2007—FASB Education
Wednesday, January 24, 2007—FASB Board Meeting
January 24, 2007—FASB Education Session
Wednesday, January 31,
2007—FASB Board Meeting
Wednesday, January 31, 2007—FASB Education