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Action Alert No. 07-07
February 15, 2007
NOTICE OF MEETINGS
OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)
Wednesday, February 21, 2007, 9:00 a.m.
- Agenda decision: emission allowances (estimated 45-minute discussion). The Board will discuss whether to add a project to its agenda to addresses the accounting for emission allowances.
- 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, February 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 February 28, 2007 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, or FSP.
February 7, 2007 Board Meeting
Application of Interpretation 46(R) to investment companies. The Board discussed comments received on proposed FSP FIN 46(R)-d, "Application of FASB Interpretation No. 46(R) to Investment Companies," and directed the staff to proceed to a draft of a final FSP for vote by written ballot.
Implementation guidance for Interpretation 48. The Board directed the staff to proceed to a draft of a proposed FSP to amend FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for vote by written ballot. The amendment would state that a tax position is considered to be effectively settled through examination when all of the following conditions have been satisfied:
- The taxing authority has completed its examination
- The enterprise does not intend to appeal or litigate any aspect of a particular tax position for the completed examination
- Based on a taxing authority’s widely understood policy, the enterprise considers it highly unlikely that the taxing authority would subsequently examine or reexamine a particular tax position once the examination process is completed.
FASB DOCUMENT AVAILABLE
FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, was issued on February 15, 2007, and is available on the FASB website.
FUTURE OPEN MEETINGS
The following is a list of open meetings tentatively scheduled through March. 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, February 28, 2007—FASB Board Meeting
Wednesday, February 28, 2007—FASB Education Session
Wednesday, March 7, 2007—FASB Board Meeting
Wednesday, March 7, 2007—FASB Education Session
Wednesday, March 14, 2007—FASB Board Meeting
Wednesday, March 14, 2007—FASB Education Session
Thursday, March 15, 2007—Emerging Issues Task Force Meeting
Tuesday, March 20, 2007—Financial Accounting Standards Advisory Council Meeting
Wednesday, March 21, 2007—FASB Board Meeting
Wednesday, March 21, 2007—FASB Education Session
Tuesday, March 27, 2007—Not-for-Profit Roundtable Meeting
Wednesday, March 28, 2007—FASB Board Meeting
Wednesday, March 28, 2007—FASB Education Session
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