Action Alert No. 07-28
July 12, 2007

NOTICE OF MEETINGS

OPEN BOARD MEETING
(Board meetings are available by audio webcast and telephone.)

Wednesday, July 18, 2007, 9:00 a.m.

  1. Codification issues (estimated 1-hour discussion). The Board will discuss issues identified in its codification project that involve existing authoritative guidance that may be considered outdated or in conflict with other authoritative literature. The Board will discuss:

    1. Appropriation of retained earnings for general purpose contingencies

    2. Original general revenue recognition guidance from 1934

    3. Claims of subcontractors for terminated government contracts

    4. Accounting for losses and combining contracts related to long-term construction-type contracts

    5. Definition of proven and probable reserves for extractive industries

    6. Transfers of real estate in exchange for nonmonetary assets other than real estate

    7. Use of the term retrospective for changes in estimates for real estate time-sharing transactions

    8. Temporary control exception to consolidation of not-for-profit organizations

    9. Leasing transactions by not-for-profit organizations involving special-purpose entity lessors

    10. Other investments held by not-for-profit organizations.

  2. 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, July 18, 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 a future Board meeting. Those topics will be posted to the FASB calendar four days prior to the education session.

BOARD ACTIONS

No Board meetings were held during the week of July 2, 2007.

FUTURE OPEN MEETINGS

The following is a list of open meetings tentatively scheduled through September. 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, July 25, 2007—FASB Board Meeting
Wednesday, July 25, 2007—FASB Education Session
Wednesday, August 1, 2007—FASB Board Meeting
Wednesday, August 1, 2007—FASB Education Session
Wednesday, August 8, 2007—FASB Board Meeting
Wednesday, August 8, 2007—FASB Education Session
Wednesday, August 15, 2007—FASB Board Meeting
Wednesday, August 15, 2007—FASB Education Session
Wednesday, August 22, 2007—FASB Board Meeting
Wednesday, August 22, 2007—FASB Education Session
Wednesday, August 29, 2007—FASB Board Meeting
Wednesday, August 29, 2007—FASB Education Session
Tuesday, September 4, 2007—Financial Guarantee Insurance Roundtable
Wednesday, September 5, 2007—FASB Board Meeting
Wednesday, September 5, 2007—FASB Education Session
Wednesday, September 12, 2007—FASB Board Meeting
Wednesday, September 12, 2007—FASB Education Session
Wednesday, September 19, 2007—FASB Board Meeting
Wednesday, September 19, 2007—FASB Education Session
Thursday, September 20, 2007—Financial Accounting Standards Advisory Council Meeting
Wednesday, September 26, 2007—FASB Board Meeting
Wednesday, September 26, 2007—FASB Education Session
Thursday, September 27, 2007—Liaison Meeting with the Institute of Management Accountants


†FASB Meetings Available by Audio Webcast and Telephone

To monitor available live meetings free of charge by audio webcast, access the link http://www.trz.cc/fasb/live.html. To monitor by telephone, call 1-800-846-4717. You will be charged $.45 per minute, and VISA, MasterCard, American Express, or Discover Card is required. To listen to a recording of the most recent Board meeting via webcast free of charge, access the link http://www.trz.cc/fasb/archive.html. To listen to a recording by telephone, for a charge of $.45 per minute, call 1-800-462-0393. Questions can be directed to 1-800-846-4630.

Handouts distributed to the audience at Board meetings are posted to our website one-half hour before the start of the meeting. A synopsis of each issue to be discussed at EITF meetings also is posted to this website.

Education sessions are not available by audio webcast or telephone, and no handouts are distributed to the audience.