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Action Alert No. 08-22
May 29, 2008
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board
meetings are available by audio webcast and telephone.)
Wednesday, June 4, 2008, 9:00 a.m.
- Statement
140 implementation: transfers of financial assets (estimated
45-minute discussion). The Board will discuss the following:
- Whether to require a minimum amount of beneficial interests that
must be held by third parties for a transferor to account for a
transfer as a sale
- Whether to continue the exception that permits reclassification of
mortgage backed loans to securities under FASB Statement No. 115,
Accounting for Certain Investments in Debt and Equity
Securities, if 100 percent of the beneficial interests continue to
be held by a transferor
- Whether to continue the exception that permits an entity to
recognize a servicing asset or liability in a guaranteed mortgage
securitization when the transferor continues to hold 100 percent of
the beneficial interests.
- Reconsideration
of Interpretation 46(R) and Statement
140 implementation: transfers of financial assets (estimated
45-minute discussion). The Board will discuss amendments to the
disclosure requirements for the Exposure Drafts to be issued on FASB
Statement No. 140, Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities, and FASB
Interpretation No. 46 (revised December 2003), Consolidation of
Variable Interest Entities.
- Not-for-profit
endowments and UPMIFA (estimated 45-minute discussion).
The Board will redeliberate significant issues raised by respondents to
proposed FSP FAS 117-a, Endowments of Not-for-Profit Organizations:
Net Asset Classification of Funds Subject to an Enacted Version of the
Uniform Prudent Management of Institutional Funds Act, and Enhanced
Disclosures. The Board will discuss net asset classification
guidance, disclosure requirements, and effective date.
- 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, June 4, 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.
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, FSP, or
Statement 133 Implementation Issue.
May 21, 2008 Board Meeting
Statement
140 implementation: transfers of financial assets. The Board
discussed how to initially measure interests that a transferor continues
to hold following a sale of financial assets. The Board decided that
beneficial interests received by a transferor, in connection with a sale
of an entire financial asset to an entity that is not consolidated by the
transferor, should be considered proceeds of the sale and initially
measured at fair value. The Board also decided that a participating
interest in a financial asset that continues to be held by a transferor
should be initially measured at its allocated carrying amount in
accordance with the existing measurement guidance in paragraph 10 of
Statement 140.
Agenda decision announcements. The FASB chairman announced a
project that will consider subsequent accounting of acquired intangible
assets that the acquirer intends not to use or to use in a way other than
its highest and best use was added to the Board’s agenda. The chairman
also announced a project that will address technical corrections to FASB
Statements was added to the Board’s agenda.
FASB DOCUMENTS AVAILABLE
The following documents were issued and are available on the FASB
website:
FASB Statement
No. 163, Accounting for Financial Guarantee Insurance
Contracts (May 23, 2008)
FASB Exposure
Draft, Conceptual Framework for Financial Reporting: The
Objective of Financial Reporting and Qualitative Characteristics and
Constraints of Decision-Useful Financial Reporting Information (May
29, 2008). Comments are requested by September 29, 2008.
FASB Preliminary
Views, Conceptual Framework for Financial Reporting: The
Reporting Entity (May 29, 2008). Comments are requested by September
29, 2008.
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 10, 2008—FASB Education Session
Wednesday, June
11, 2008—FASB Board Meeting
Wednesday, June 11, 2008—FASB Education
Session
Thursday, June 12, 2008—Emerging Issues Task Force
Meeting
Monday, June 16, 2008—FAF/FASB Forum on High-Quality Global
Accounting Standards: Issues and Implications for U.S. Financial
Reporting, New York City
Wednesday, June 18, 2008—FASB Board
Meeting
Wednesday, June 18, 2008—FASB Education Session
Thursday,
June 19, 2008—Liaison Meeting with Financial Executives International,
Stamford, CT
Tuesday, June 24, 2008—Financial Accounting Standards
Advisory Council Meeting
Wednesday, June 25, 2008—FASB Board
Meeting
Wednesday, June 25, 2008—FASB Education Session
Friday, June
27, 2008—Small Business Advisory Committee Meeting
Thursday, July 3,
2008—FASB Education Session
Wednesday, July 9, 2008—FASB Board Meeting
(tentative)
Wednesday, July 9, 2008—FASB Education
Session
Wednesday, July 16, 2008—FASB Board Meeting
Wednesday, July
16, 2008—FASB Education Session
Wednesday, July 23, 2008—FASB Board
Meeting
Wednesday, July 23, 2008—FASB Education Session
Wednesday,
July 30, 2008—FASB Board Meeting
Wednesday, July 30, 2008—FASB
Education Session
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