MEDIA ADVISORY 09/30/08
Change in agenda for FASB Wednesday, Oct. 1 Board meeting
Norwalk, CT, September 30, 2008—Due to the current market environment and related questions arising about the implementation of fair value, the Financial Accounting Standards Board (FASB) will revise its previously communicated agenda for its Board meeting on Wednesday, Oct 1.
As noted in a joint press release issued earlier today with the SEC, (http://www.fasb.org/news/2008-FairValue.pdf) the October 1 FASB meeting will instead address a goal of providing additional guidance on fair value accounting—consistent with the principles of FASB Statement 157—regarding the valuation of assets when markets have become inactive.
A FASB Staff Position (FSP) regarding additional guidance on FASB Statement 157 will be presented and discussed at the Oct 1 meeting.
The previously scheduled agenda item regarding Mergers and acquisitions by a not-for-profit organization will be re-scheduled for discussion soon.
9:00—10:00 a.m. Discussion of FASB Interpretation No. 48
10:00—11:00 a.m. Discussion of FASB Statement 157
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.