At its board meeting tomorrow (July 16), FASB is scheduled to take up revenue recognition, amendments to FAS 140 on transfers of assets, and disclosure of pension and other postretirement plan assets. Separately, IASB recently posted updated information on its IFRS for Private Entities project (formerly: IFRS for SMEs), noting a final standard is expected 1Q09.
Further details on these FASB and IASB developments, and information about FEI’s upcoming Private Company Forum, are below.
Rev Rec, FAS 140, Pensions/Postretirement Benefits on Tap for July 16 FASB Meeting
As noted in FASB's Action Alert, FASB will discuss at its July 16 board meeting:
Revenue recognition: FASB will discuss a revised measurement chapter that reflects the Board’s tentative decision to use a customer consideration measurement approach
FAS 140: FASB will discuss whether to eliminate the practicability exception in para. 71 relating to fair value measurement, and will discuss other issues on its proposed amendment to FAS 140.
FASB will begin redeliberations and discuss comments received on proposed FSP FAS 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets.
[UPDATE 5PM JULY 15: FASB has posted the board handout which contains more specifics on what will be voted on at the July 16 meeting.]
IASB Projects Final Standard on IFRS For Private Entities 1Q09
On July 14, 2008 the IASB updated its IFRS for Private Entities project webpage. As noted therein, this project was previously called the IFRS for Small and Medium Sized Entities (IFRS for SMEs) project, and was renamed in April 2008 as “IFRS for Private Entities.”
The objective and scope of the IFRS for Private Entities project is: “to develop an IFRS expressly designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users. Examples of such external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies. The IFRS for Private Entities will be derived from full IFRSs with appropriate modifications based on the needs of users of private entity financial statements and cost-benefit considerations.”
As noted in the IASB’s update, “Staff plans to submit a ballot draft of a final IFRS for Private Entities to the Board towards the end of the fourth quarter of 2008,” and “The standard is expected to be published in the first quarter of 2009.”
Further details on decisions reached to date on this project can be found in the full project summary (18 pages) also posted July 14 on IASB’s website.
FEI’s Committee on Private Companies (CPC), standards subcommittee submitted comment letters on the IASB’s Exposure Draft on IFRS for SMEs (now called IFRS for Private Entities) last fall.
Arthur V. Neis, a member of FEI’s CPC standards subcommittee, is a member of IASB’s Working Group on this project.
Private Companies: Check Out FEI’s Fall 2008 Private Company Forum
Private companies interested in networking with other leading financial executives from private companies and being briefed on the latest developments are invited to check out FEI’s Fall 2008 Private Company Forum, taking place in Chicago Sept. 23-24. See details on the agenda and speakers.
For information on FEI’s Committee on Private Companies or the Private Company Forum, contact Serena Dávila, Director, Technical Activities, in FEI’s Washington, DC office firstname.lastname@example.org, 202-626-7809.
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