Action Alert No. 07-11
March 15, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, March 21, 2007, 8:00 a.m.
The Board meeting will begin at 8:00 a.m. instead of 9:00 a.m.
- Statement 133 Implementation Issuehedging functional-currency-equivalent proceeds to be received from a forecasted foreign-currency-denominated debt issuance (estimated 30-minute discussion). The Board will discuss comments received on proposed Statement 133 Implementation Issue No. H17, "Hedging Functional-Currency-Equivalent Proceeds to Be Received from a Forecasted Foreign-Currency-Denominated Debt Issuance," and whether to proceed to issuing final implementation guidance.
- Financial statement presentation (estimated 2-hour discussion). The Board will discuss the following topics:
- Application of the measurement working principle (including presentation of information about remeasurements)
- Presentation of other comprehensive income items
- Whether to retain the concept of cash equivalents and if so, whether to modify the definition.
- Accounting for leases (estimated 90-minute discussion). The Board will discuss assets and liabilities arising in a simple lease contract as well as a staff analysis of different possible accounting models.
- Business combinations: applying the acquisition method (estimated 90-minute discussion). As part of its redeliberations of the June 2005 Exposure Draft, Business Combinations, the Board will discuss the following issues:
- Accounting for contingent consideration
- Accounting for bargain purchases in transactions involving noncontrolling interests
- Accounting for spin-offs
- Valuation allowance disclosures.
- Agenda decision: intangible assets (estimated 60-minute discussion). The Board will discuss whether to add a project to its agenda that would provide guidance on determining the useful life of renewable intangible assets pursuant to FASB Statement No. 142, Goodwill and Other Intangible Assets.
- 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, March 21, 2007, following the Board meeting
The Board will hold an educational, non-decision-making session to discuss topics that are anticipated to be discussed at the March 28, 2007 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 COUNCIL
(This meeting is available by audio webcast and telephone, except the portion noted below.)
Tuesday, March 20, 2007, 9:00 a.m.
The Advisory Council will meet to discuss the following topics:
- Current business and financial reporting issues
- Valuation standards for financial reporting
- Accounting for leases
- FASB Statement 133 issues
- Financial statement presentation.*
The Advisory Council will hear reports from the chairman of the FASB on other Board activities and from a representative of the office of the SEC chief accountant on current accounting-related developments. The Advisory Council also will hear a report from the chief auditor of the Public Company Accounting Oversight Board.
*Audio webcast and telephone not available from 1:15 p.m. to approximately 2:15 p.m.
The Advisory Council will hold break-out group discussions on the financial statement presentation 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 financial statement presentation project. That session will be available via webcast and telephone.
No Board meetings were held during the week of March 5, 2007.
FASB DOCUMENT AVAILABLE
Proposed FSP FAS 154-a, "Considering the Effects of Prior-Year Misstatements When Quantifying Misstatements in Current-Year Financial Statements," was issued on March 13, 2007, and is available on the FASB website. Comments are requested by April 30, 2007.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through April. 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, March 27, 2007Not-for-Profit Roundtable Meeting
Wednesday, March 28, 2007FASB Board Meeting
Wednesday, March 28, 2007FASB Education Session
Wednesday, April 4, 2007FASB Board Meeting
Wednesday, April 4, 2007FASB Education Session
Wednesday, April 11, 2007FASB Board Meeting
Wednesday, April 11, 2007FASB Education Session
Wednesday, April 18, 2007FASB Board Meeting
Wednesday, April 18, 2007FASB Education Session
Monday, April 23, 2007FASB/IASB Joint Board Meeting, London
Tuesday, April 24, 2007FASB/IASB Joint Board Meeting, London
Thursday, April 26, 2007FASB Education Session
Monday, April 30, 2007Valuation Guidance for Financial Reporting Roundtable