MEDIA ADVISORY 03/17/11
Financial Accounting Standards Board Announces Joint FASB/IASB Public Roundtable Meetings on Proposed Standard on OffsettingNorwalk, CT, March 17, 2011—The Financial Accounting Standards Board (FASB) has announced it will host joint public roundtable meetings with the International Accounting Standards Board (IASB) to discuss the FASB’s proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Offsetting, and the IASB’s Exposure Draft (ED), Offsetting Financial Assets and Financial Liabilities. The roundtables are designed to provide interested stakeholders the opportunity to engage in a constructive dialogue about the proposed standard.
The U.S. roundtable is scheduled as follows:
Monday, May 9, 2011
Joint FASB/IASB Public Roundtable Meeting on the FASB Proposed ASU, Balance Sheet (Topic 210): Offsetting, and the IASB ED, Offsetting Financial Assets and Financial Liabilities
Exact time(s) to be announced
Location: FASB offices, 401 Merritt 7, Norwalk, CT 06856
To ensure the Boards receive broad-based input, meeting participants will represent a wide variety of perspectives, including those of preparers, auditors, investors, and other users of financial statements.
Those interested in participating in the public roundtable should e-mail their request to firstname.lastname@example.org by April 15, 2011. Participants for all roundtables must also submit comments on the FASB proposed ASU or the IASB ED by April 20, 2011. This can either be the final comment letter (which will be made public) or a draft comment letter (which will be kept confidential) to be followed by a final comment letter by the comment letter deadline of April 28, 2011. Users and analysts may be exempted from this requirement.
Those interested in observing the roundtable must preregister. (Please note: registration will open in the coming days, when roundtable times are confirmed.) Since seating is limited, no more than three observers from the same organization may attend. The roundtable will be audiocast at www.fasb.org.
In addition to the U.S. roundtable, the FASB and the IASB plan public roundtable meetings in London (Tuesday, May 3) and Singapore (Friday, May 6). Details about these sessions, and how to register for them, are available at www.ifrs.org.
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.