Listen to FASB M2M meeting realtime tomorrow!!!

hanayori

You can listen through web for free, can someone kindly listen to this meeting real time tomorrow and update what you heard tomorrow following this post? I am in PST zone and 5am is too early for me
http://www.fasb.org/calendar/index.shtml

The detail of FAS157 (they already drafted the change and tomorrow will be a vote) is worth reading too if you have time today:
http://www.fasb.org/project/fas157_active_inactive_distressed.shtml


Thursday,
April 2
[Revised order of Topics]         FASB Board Meeting, 8:00 a.m.
(This meeting is available by audio webcast and telephone.

   1. Determining whether a market is not active and a transaction is not distressed (estimated 1-hour discussion). The Board will redeliberate proposed FSP FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, in light of the comments it has received.

   2. Recognition and presentation of other-than-temporary impairments (estimated 1-hour discussion). The Board will redeliberate proposed FSP 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation of Other-Than-Temporary Impairments, in light of comments it has received.

   3. Interim disclosures about fair value of financial instruments (estimated 1-hour discussion). The Board will redeliberate whether an entity should be required to provide disclosures about the fair value of financial instruments in interim period financial information, as proposed in FSP FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments.

   4. Insurance contracts (estimated 1-hour discussion). The Board will discuss guidance on cash flows related to the measurement of insurance contracts.

   5. Conceptual framework: objective and qualitative characteristics (estimated 1-hour discussion). The Board will continue to redeliberate the objective of financial reporting proposed in the FASB Exposure Draft, Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information.

   6. Open discussion. If necessary, the Board will discuss minor issues on technical projects or administrative matters.

Maxie

thanks but it's already decided. it's just the general public doesn't know yet.

源济

hanayori

There are some confusion here. CORRECTIONS: In fact, the FASB board discussed and ordered a draft FSP on 3/24, but the final update based on comment and a final vote will be at tomorrow's meeting to make it OFFICIAL. General media are calling it "vote" including CNBC and bloomberg.

The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final Statement, Interpretation, FSP, or Statement 133 Implementation Issue.


I do think it will pass, after all, what's the point to spend time and energy drafting the initial document if they are going to vote against it the second time? But market may already priced it in today? mmm...


Project Update
FAS 157—Determining Whether a Market is Not Active and a Transaction is Not Distressed
Last Updated: March 24, 2009 (Updated sections are indicated with an asterisk *)

The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.

raise3

Maxie

Oh, I didn't even know that. It was just my feeling. Then the entire picture is changed in my view. Thanks.!

I agree with you.

There are some confusion here. In fact, the FASB board voted on the change on 3/17 and tomorrow's meeting is for discussion public COMMENTS they received after 3/17, so it is actu ...
hanayori 发表于 2009-4-1 12:39

Maxie

Pardon my ignorance, where can I find the details on the 3/17 vote?

I agree with you.

There are some confusion here. In fact, the FASB board voted on the change on 3/17 and tomorrow's meeting is for discussion public COMMENTS they received after 3/17, so it is actu ...
hanayori 发表于 2009-4-1 12:39

hanayori

No problem, Maxie, see my updated comment post above your post, the original draft on 3/24 (sorry not 3/17) can be seen here:

http://www.fasb.org/project/fas1 ... ve_distressed.shtml

Maxie

thanks.

hanayori

Anyone volunteer to listen and update us tomorrow morning? many many many thanks!!!