Action Alert No. 08-45
November 6, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
meetings are available by audio webcast and telephone.)
Wednesday, November 12, 2008, 8:00 a.m.
The Board meeting will begin at 8:00 a.m. instead of 9:00
140 and FIN 46(R) disclosure requirements (estimated 2-hour
discussion). The Board will begin redeliberations and discuss
comments received on proposed FSP FAS 140-e and FIN 46(R)-e,
Disclosures about Transfers of Financial Assets and Interests in
Variable Interest Entities.
- Mergers and
acquisitions by a not-for-profit organization (estimated
1-hour discussion). The Board will discuss the disclosure, effective
date, and transition provisions for final Statements on mergers and
acquisitions of not-for-profit organizations and goodwill and other
intangible assets. The Board also will consider drafting matters,
including whether to proceed toward drafting a single final Statement or
- 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, November 12, 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.
OPEN JOINT FASB/IASB ROUNDTABLE DISCUSSION ON GLOBAL FINANCIAL
(Access to an audio webcast of the roundtables will be
available via the IASB
Friday, November 14, 2008
Morning session, 10:30 a.m.
Afternoon session, 1:00 p.m. London time
The FASB and IASB will hold the first of three public roundtable
discussions to identify financial reporting issues highlighted by the
global financial crisis. The Boards will hear input from a wide range of
stakeholders including users and preparers of financial statements,
regulators, and others. The roundtables are intended to help the Boards
identify any accounting issues that may require the urgent and immediate
attention of the Boards to improve financial reporting and help enhance
investor confidence in financial markets. Participants in the roundtables
also will be asked to identify issues to which the Boards should give
The Boards also have announced the establishment of an advisory group
of senior business leaders with broad international experience in
financial markets to provide advice to the Boards. The insights gained at
the roundtables will help the deliberations of this group. The composition
of the advisory group will be announced shortly.
To register your interest in attending a roundtable session (either as
a participant or as an observer) please send an email to Victoria
Blackburn at firstname.lastname@example.org (ref: financial crisis roundtable) with
details of your name and the organization you are representing. Please
state whether you would like to take part in or to observe the
OPEN MEETING OF THE INVESTORS TECHNICAL ADVISORY COMMITTEE
meeting is available by audio webcast and telephone.)
Tuesday, November 11, 2008, 1:00 p.m. - 2:00 p.m.
The Investors Technical Advisory Committee will meet with the Board to
discuss matters of mutual interest.
OPEN MEETING OF THE EMERGING ISSUES TASK FORCE
(This meeting is
available by audio webcast and telephone.)
Thursday, November 13, 2008, 8:30 a.m. - 4:15 p.m.
The Task Force plans to discuss all of the following issues
in the order shown:
- Issue No. 08-1, "Revenue Arrangements with Multiple Deliverables"
- Issue No. 08-9, "Milestone Method of Revenue Recognition"
- Issue No. 08-8, "Accounting for an Instrument (or an Embedded
Feature) with a Settlement Amount That Is Based on the Stock of an
Entity's Consolidated Subsidiary"
- Issue No. 08-10, "Selected Statement 160 Implementation Questions"
- Issue No. 08-7, "Accounting for Defensive Intangible Assets"
- Issue No. 08-6, "Accounting for Equity Method Investments"
- Issue No. 08-11, "Accounting for Stock Lending Arrangements."
SUMMARY OF BOARD DECISIONS
Summary of Board decisions 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
October 29, 2008 Board Meeting
about benefit plan assets. The Board redeliberated proposed FSP
FAS 132(R)-a, Employers' Disclosures about Postretirement Benefit Plan
Assets. The Board decided to amend FASB Statement No. 132 (revised
2003), Employers' Disclosures about Pensions and Other Postretirement
Benefits, to require that an employer disclose the following
information about the fair value of plan assets:
- The level within the fair value hierarchy in which fair value
measurements of plan assets fall
- Information about the inputs and valuation techniques used to
measure the fair value of plan assets
- A reconciliation of beginning and ending balances for fair value
measurements of plan assets using significant unobservable inputs (level
The Board decided that the final FSP will be effective for fiscal years
ending after December 15, 2009, with early application permitted. At
initial adoption, application of the FSP would not be required for earlier
periods that are presented for comparative purposes.
and liabilities arising from contingencies in a business
combination. The Board reached the following decisions on a
proposed FSP to amend current requirements for accounting for assets and
liabilities arising from contingencies in a business combination in FASB
Statement No. 141 (revised 2007), Business Combinations.
The Board agreed not to include contingent consideration in the scope
of the project. The Board determined that initial recognition and
measurement of assets and liabilities arising from contingencies should
follow a model similar to the one in FASB Statement No. 141, Business
Combinations, with additional clarification of situations under which
fair value is "reasonably estimable," similar to the requirements in FASB
Interpretation No. 47, Accounting for Conditional Asset Retirement
The Board agreed to retain the subsequent measurement and accounting
guidance in Statement 141 (R) for assets and liabilities initially
recognized at fair value, with additional clarification to address
The Board determined that disclosures should include the nature of the
contingency, the measurement attribute applied, and, if not measured at
fair value, the reason that fair value could not be reasonably estimated.
Additional disclosures would depend on the initial measurement attribute
The effective date of this FSP will be the same as Statement
Agenda decision announcements. The FASB chairman announced the
following agenda decisions:
- A project was added to the Board's agenda to reconsider the guidance
in FASB Statement No. 141 (revised 2007), Business Combinations,
related to preacquisition contingencies.
- The FASB will join the IASB in its accounting for insurance
contracts project, which will become a joint project going forward.
- The second phase of the fair value options project was removed from
the Board's agenda.
FASB DOCUMENT AVAILABLE
FIN 48-c, Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises, was issued and posted to the FASB
website on November 5, 2008. Comments are requested by December 5,
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through
December. 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, November 19, 2008—FASB Board Meeting
19, 2008—FASB Education Session
Tuesday, November 25, 2008—Joint
FASB/IASB Global Financial Crisis Roundtable, Norwalk,
Tuesday, November 25, 2008—FASB Board Meeting
Tuesday, November 25, 2008—FASB Education Session
Wednesday, December 3, 2008—FASB Board Meeting
Wednesday, December 3, 2008—FASB Education Session
Wednesday, December 3, 2008—Joint FASB/IASB Global
Financial Crisis Roundtable, Tokyo, JAPAN
Thursday, December 4,
2008—FASB Education Session
Wednesday, December 10, 2008—FASB Board
Wednesday, December 10, 2008—FASB Education Session
December 12, 2008—Small Business Advisory Committee Meeting
December 15, 2008—Financial Accounting Standards Advisory Council
Wednesday, December 17, 2008—FASB Board Meeting
December 17, 2008—FASB Education Session
Tuesday, December 23,
2008—FASB Board Meeting
Tuesday, December 23, 2008—FASB Education