Thursday, February 26, 2009

FASB, SEC Update

BNA's Daily Report for Executives has some excellent coverage of yesterday's FASB board meeting in these articles:

FASB Finalizing Guidance on Accounting For Contingent Items in Combinations, by Denise Lugo

FASB to Float Revised Proposal on HowTo Gauge Liabilities Under Fair Value Rules, by Steve Burkholder, and

FASB to Issue Exposure Draft On GAAP Codification in March, by Denise Lugo

(Another matter discussed at yesterday's FASB meeting was the Insurance project, a joint project with the IASB.)

For the official readout from the meeting, see FASB's Summary of Board Decisions for Feb. 25 meeting.

SEC Corp Fin Staff Guidance on 'Say-on-Pay' Provisions in ARRA
Broc Romanek of blog reported yesterday that SEC Corp Fin staff issued new guidance late on Feb. 24 pertaining to the 'say on pay' provisions in the American Recovery and Reinvestment Act of 2009, in his post entitled: Corp Fin Issues "Say-on-Pay" Guidance: Slim Pickings. See on SEC website: Corp Fin Staff Q&As on American Recovery and Reinvestment Act of 2009.

See also Yin Wilczek's article in today's BNA: SEC Issues Guidance on Say-on-Pay Law; More Interpretations Needed, Attorney Says. Wilczek notes: "The Securities and Exchange Commission's Division of Corporation Finance Feb. 24 issued interpretations to the say-on-pay provision of the 2009 American Recovery and Reinvestment Act, days after Senate Banking Committee Chairman Christopher Dodd (D-Conn.) asked for guidance. The provision requires some 400 companies receiving funds under the Troubled Asset Relief Program to allow a separate advisory shareholder vote to approve executive pay. The say-on-pay provision, together with other requirements in the ARRA pertaining to executive compensation limits, has caused widespread confusion among covered companies ... Among other issues, the companies urged regulators to clarify when the provisions are effective."

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